Identify the type of for-profit business that is owned by a single individual.

The type of for-profit business that is owned by a single individual is known as a Sole Proprietorship. Here are the steps to identify it:

1. Ownership: A sole proprietorship is owned by one person, making it the simplest form of business structure. If the business is owned by more than one person, it's not a sole proprietorship.

2. Liability: In a sole proprietorship, the owner is personally liable for all the business's debts and obligations. This means that if the business can't pay its debts, the owner's personal assets could be used to cover them.

3. Taxes: The owner of a sole proprietorship reports business income on their personal tax return. The business itself is not taxed separately.

4. Control: The owner has full control and decision-making power over the business. They can make all decisions without having to consult with partners or a board.

5. Continuity: The business does not exist separately from the owner. If the owner dies or decides to stop doing business, the sole proprietorship ceases to exist.

6. Creation: A sole proprietorship is the easiest type of business to start because it doesn't require any formal paperwork. In some cases, the owner may need to obtain a business license or permit, but they don't need to register the business with the state.