Which type of agency is characterized by being individually owned and easy to administer?

The choice of a sole proprietor agency is correct because this structure is typically owned and operated by a single individual. This ownership model is straightforward to set up and manage, making it an appealing option for many starting in the insurance industry. Individual ownership means that the proprietor has full control over business decisions, which allows for quick adaptations and personalized client service.

Additionally, sole proprietorships involve less regulatory complexity compared to corporations or limited liability companies. They typically face fewer administrative burdens, such as less stringent compliance requirements and simpler tax structure. This flexibility facilitates ease in operation, making it especially beneficial for small businesses or individuals looking for minimal bureaucracy in their insurance practices.

On the other hand, partnership, corporation, and limited liability company structures introduce more complexity in ownership, management, and taxation, making them less straightforward in comparison to a sole proprietorship.