Authors: Greg McKee, North Dakota State University, firstname.lastname@example.org, and Donald Frederick,
Rural Business-Cooperative Service, USDA
The individually owned business is the oldest and most common form. One person owns, controls and conducts the business. Characteristics of individually owned businesses include:
Many farms are operated as individually owned businesses. Other examples of business commonly operated by an individual owner include service stations, hardware stores, restaurants, flower shops and dry cleaners.