Which type of business structure involves ownership by an individual?

The correct answer is a sole proprietorship because this type of business structure is characterized by ownership being solely vested in one individual. A sole proprietorship is the simplest form of business entity, where the owner operates the business without formal registration or incorporation processes required for other structures. The owner is entitled to all the profits and is responsible for all the liabilities and debts of the business.

In contrast, a partnership involves two or more individuals who agree to share the profits and responsibilities of the business, thereby lacking the individual ownership characteristic. A corporation is a more complex structure that is legally distinct from its owners, providing limited liability to its shareholders. A cooperative is an organization owned and operated for the mutual benefit of its members, which also does not fit the definition of individual ownership. Thus, a sole proprietorship is the only structure listed that aligns with the concept of ownership by a single individual.