What is the term for an individual who owns all assets of an unincorporated business?

The term for an individual who owns all assets of an unincorporated business is "Sole Proprietor." This designation applies specifically to a single individual who runs their own business and retains full ownership of its assets and liabilities. As a sole proprietor, the individual is responsible for all decisions and operations of the business, and there is no separation between personal and business assets.

In a sole proprietorship, the owner reports income and expenses on their personal tax return, simplifying the tax process compared to other business structures. This model is often favored for its simplicity and ease of setup, making it a common choice for small business owners.

The other terms, though related to business ownership, do not accurately describe an individual who solely owns an unincorporated business. For instance, partnership owners and business partners indicate shared ownership with others, while a business entity refers more broadly to any organization formed to conduct business, which could include incorporated entities or partnerships. Thus, "Sole Proprietor" is the precise term for someone who independently owns all assets of an unincorporated business.