Final answer:
A sole proprietorship is a legal structure for a new upcoming small business with ownership and employment concentrated in one person in the field of art.
Step-by-step explanation:
A sole proprietorship is the legal structure for a new upcoming small business focusing on art. In a sole proprietorship, one person owns and operates the business, and the owner is personally responsible for all debts and liabilities of the business. The owner also retains all profits generated by the business.
For example, if you decide to start a small art gallery as a sole proprietorship, you would be the sole owner of the gallery, responsible for its debts and liabilities, and entitled to all the profits it generates.
It is important to note that while a sole proprietorship is simple to set up and manage, the owner assumes unlimited liability, meaning they are personally responsible for any financial obligations or lawsuits against the business.