You are reviewing the equity section $($shown below$)$of$$the balance sheet$$for a new borrower. Based on the content of this equity section, what type of entity is this most likely to be$?$ Owner$$s EquityAs of December $31,20$Y$1$Owner$$s Equity $$John Smith$$120,000$

$1.$Sole proprietorship

$2.$Partnership

$3.$Continuous existence

$4.$LLC