Final answer:
Business assets of a sole proprietorship are owned by an individual, who is responsible for everything from debts to profits.
Step-by-step explanation:
The business assets of a sole proprietorship are owned by an individual. A sole proprietorship is the most common and simplest form of business structure, which is owned and run by one person without distinction between the owner and the business entity. In this case, the sole proprietor is responsible for all aspects of the business, including debts, liabilities, and profits. This contrasts with a partnership, where a business is owned by two or more individuals, and a corporation, which is an entity legally separate from its owners and may have stockholders.