Final answer:
Sole proprietorships are businesses owned by one individual. Examples include tax preparers and freelance writers.
Explanation:
Sole proprietorships are businesses owned and operated by a single individual. They are not separate legal entities from their owners, who are liable for all debts and entitled to all profits.
Examples of sole proprietorships include a tax preparer working in their own business, freelance writers, and independent workers.
On the other hand, lawyers working for a corporation and franchise restaurants in a partnership are not sole proprietorships as they involve multiple owners or are part of a larger corporate structure.
Learn more about Sole Proprietorships here:
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