Final answer:
True, individual relationship types such as sole proprietorships are used for single ownership structures where one individual owns and controls the entire business.
Step-by-step explanation:
The statement "Individual Relationships types are used for single ownership structure" is true. Individual or sole proprietorship is a type of business ownership where a single individual owns the entire business. This form of ownership is one of the simplest and is characterized by being easy to establish and the owner having full control over the business decisions. However, it also means that the owner has unlimited personal liability for the business debts.
There are several types of business ownerships such as individual proprietorships, partnerships, and corporations. Each of these types has distinct advantages and disadvantages, and the choice depends on various factors including the level of control desired, the need for investment, liability considerations, and tax implications. Businesses may choose the structure that best fits their needs and goals within the free enterprise system.