Concept:A business owned and run by one person for himself is called a sole trader.
Explanation:A person who runs a business on his own account is the only owner of that business.
He alone provides the capital and stands all the risks.
He makes all the decisions and controls the business completely.
He keeps all the profits and also bears all the losses.
No other person shares ownership or responsibility with him.
This one-man form of business is known as a sole trader or sole proprietorship.
A customer only buys from the business and does not own it.
A director manages a company on behalf of the shareholders, not on his own account.
A partner runs a business jointly with other partners.
Only a sole trader runs and owns the business entirely on his own account.
Answer:B. sole trader.