A simplest form of business structure, where a single individual is the sole owner is the business. Although Sole Proprietors often trade under their own name, there is no requirement to do so and the business may have employees and operate in most sectors of the economy. Profits from the business are viewed as personal income and taxed accordingly. One of the downsides is that there is no limited liability under law, and the Sole Proprietor is therefore personally responsible for all debts incurred.