Answer:
sole proprietorship
Explanation:
Ronald is the sole proprietorship form of business ownership. As the sole proprietor, Ronald owns and manages the business. He makes all the key business decisions and enjoys all the profits by himself. Should the business make a loss, Ronald will bear it by himself.
Legally, Ronald and the business are considered as one entity. The assets of his business are his personal assets, and so are the debts. In other words, a sole proprietor has unlimited liabilities to the debts of the business. If the business can not pay its debts, Ronald's personal properties can be sold to pay the creditors.
