This is the simplest form of business ownership.  All income the business earns is derived and taxed in your name.

The advantage is that simple means cheaper accounting fees and what you earn you own.  However, there is no flexibility.  It is difficult to distribute income to family members.  You are personally liable for all debts and liabilities of the business.  If you are unable to repay those debts or liabilities you could face bankruptcy (no creditor protection).