Answer :
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Final answer:
Sole proprietorship is a type of business structure where a single individual owns and operates the business. The business environment can be divided into two main categories: internal and external.
Explanation:
Sole Proprietorship:
Sole proprietorship is a type of business structure where a single individual owns and operates the business. It is the simplest form of business ownership and does not require any formal legal processes to establish. In a sole proprietorship, the owner has complete control over the business and is personally liable for all debts and obligations. This means that the owner's personal assets can be used to satisfy business debts. Sole proprietorships are common in small businesses and are often found in industries such as retail, consulting, and freelancing.
Business Environment:
The business environment can be divided into two main categories: internal and external. The internal environment includes factors within the organization that can influence its operations, such as the company's culture, structure, and resources. The external environment, on the other hand, consists of factors outside the organization that can impact its performance, such as economic conditions, competition, and government regulations.
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