Final answer:
A 'sole trader' is a person who is the sole owner of a business, responsible for all its debts and liabilities, and entitled to all its profits. It is the simplest and most common form of business ownership.
Step-by-step explanation:
A 'sole trader' is defined as A) A person who is the sole owner of a business. This form of business organization is known for being uncomplicated to initiate and manage, as it involves only one individual who is responsible for all aspects of the business. This includes being responsible for all debts and liabilities as well as being entitled to all of the profits from the business operations.
Sole proprietorship is the most common type of business organization and is considered the easiest to establish. Anyone with a business idea can form a sole proprietorship by simply deciding to start a business. As the sole owner, an individual has full control over all decisions and can directly benefit from the success of the business without having to distribute profits.