Final answer:
Joe is starting an 'independent food service operation,' which means he is creating a new restaurant concept without backing from a franchise or corporate brand. This is comparable to a sole proprietorship where the owner is solely responsible for the business. The correct answer is Option 3.
Step-by-step explanation:
When Joe decides to develop a new restaurant concept on his own, which is previously nonexistent, he is essentially starting an independent food service operation. This type of ownership does not involve purchasing rights from a franchisor unlike a food service franchise, nor is it as large or structured as a food service corporation or a part of multiple outlets like a food service chain. An independent operation is typically owned and run by an individual or a small group, carrying the unique vision of its founders without the backing of a larger corporate structure or franchise brand.
An independent food service operation can be compared to a sole proprietorship, where an individual is responsible for all aspects of the business, including debts and liabilities, but also retains all profits. Independent businesses are often highly valued for their unique offerings and the personal touch they provide, standing out in a market saturated with chain and franchise operations.
The correct option describing the type of ownership Joe is considering for his new restaurant concept is definitely Option 3: Independent food service operation.