<human>:  What is the difference between a sole proprietorship and a corporation?
<bot>: The most notable difference between a sole proprietorship and a corporation is that a sole proprietorship is owned by one individual, whereas a corporation is owned and operated by shareholders, who are the owners of the company. Furthermore, a sole proprietorship is not a separate legal entity from the individual that owns it, whereas a corporation is a distinct, separate legal entity from its owners and shareholders.