Which of the following is NOT a characteristic of individual ownership?

Individual ownership, often referred to as sole proprietorship, is defined by having one owner who is responsible for all aspects of the business. Among the characteristics of individual ownership, shared responsibility for debts is not applicable because, in this structure, the sole proprietor bears full responsibility for all debts and obligations of the business. This means that creditors can pursue the individual's personal assets if the business incurs debts or liabilities, making the concept of shared responsibility inconsistent with individual ownership.

On the other hand, individual ownership typically includes characteristics like limited owner liability, which often can be misunderstood in this context. Contrary to what might be assumed, sole proprietors do not have limited liability, which typically applies to corporations. However, when discussing tax benefits, sole owners do enjoy personal tax benefits because business income is reported on the individual's personal tax return, allowing them distinct financial advantages. Full control over business decisions is another hallmark of individual ownership, as the sole proprietor makes all choices without needing to consult with partners or shareholders.