Which of the following accurately describes a sole-proprietorship?

A sole proprietorship is indeed the oldest form of business entity, making it a straightforward and accessible way for individuals to start a business. This type of entity is characterized by its simplicity, as it is owned and operated by a single individual, who has complete control over all decisions and keeps all profits. The informal nature of starting a sole proprietorship typically requires little more than obtaining necessary licenses or permits, which contributes to its status as a foundational business model throughout history.

In contrast, other options do not align with the characteristics of a sole proprietorship. For example, a sole proprietorship does not last forever, as it is tied to the life of the owner; upon the owner's death, the business typically ceases to exist unless specific arrangements are made. It is also not a complex form of business entity, especially compared to corporations or partnerships that require more intricate structures and legal protocols. Additionally, while some licenses and permits may be necessary, a sole proprietorship does not have mandatory formalities akin to those required for forming corporations, which have specific legal requirements for establishment and operation.