Final answer:
A sole proprietorship is a business organization owned and operated by one person. It is relatively low-risk, easy to start and manage, and the owner is entitled to all profits. However, there are some disadvantages, such as unlimited liability and difficulty in raising money compared to other forms of organization.
Step-by-step explanation:
A sole proprietorship is a business organization owned and operated by one person. It is considered a relatively low-risk form of business organization. The main advantage of a sole proprietorship is that it is easy to start and manage, and the owner is entitled to all profits. However, there are some disadvantages, such as unlimited liability, where the owner is personally responsible for the business's debts and obligations. Additionally, it may be more difficult to raise money for the business compared to other forms of organization.