Which type of organization is characterized by individual ownership and complete control over business operations?

The correct answer is a sole proprietorship. This type of organization is defined by individual ownership, meaning that one person is fully responsible for all aspects of the business, from decision-making to profits and losses. The owner enjoys complete control over the operations, allowing for quick and flexible decision-making without the need to consult with partners or shareholders.

In a sole proprietorship, the owner has the ultimate authority and can easily implement changes or fulfill their vision without the complexities often associated with other business structures. Additionally, the business typically isn't required to file separate tax returns, as the income is reported on the owner's personal tax return. This simplicity in both management and tax reporting is one of the key reasons many small business owners choose this structure.

In contrast, partnerships involve two or more individuals sharing ownership and decision-making, while corporations are distinct legal entities with shareholders and structured management, which dilutes individual control. LLCs (limited liability companies) provide some benefits of liability protection and can have multiple members, preventing complete individual control. Therefore, the sole proprietorship stands out as the organization type that reflects individual ownership and total control over business operations.