Question

Suppose lenny is the sole owner of the football team, and has never created a separate business organization for it. how is the team owned?

Answer 1

The team is owned in a SOLE PROPRIETORSHIP kind of business. Sole proprietors are people who own a specific kind of company or investment  all on their own. They produce the necessary capital and are personally responsible for any debts that may occur in the business. This type of ownership is actually the simplest business form under which a particular business can operate because no other parties are involved in settlements and agreements.