The simplest form of a business, in which one individual owns the business, is entitled to any profits, and is personally liable for all debts or obligations, is known as a

A) partnership.
B) professional corporation.
C) sole proprietorship.
D) business corporation.

Sole Proprietorship

A business owned and operated by one person, where there is no legal distinction between the owner and the business entity.

Obligations

Duties or responsibilities enforced by law, contract, or moral principles.

Belong

refers to being part of, fitting in, or being rightly placed in a specific context or environment.