A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business.
A sole proprietorship is a type of business entity that is run and owned by a single person, and there is no legal distinction between the enterprise and the owner. It can also be referred to as individual entrepreneurship or sole trade ship.There can be many people operating the work in this business, but the owner must be only one person.
(1) Fairly easy to establish
(2) Ensures no profit distribution
(3) Attract lower taxes
(4) Seamless decision making
(1) PAN card proprietorship
(2) Name and address of the business
(3) Bank account in the name of business
(4) Registration under GST, if the business turnover exceeds Rs.20 Lakhs.
(1) Aadhar card
(2) Pan card
(3) Bank Account
(4) Registered Office
(5) GST Registration
(1) What is Sole Proprietorship?
(2) Can i pay myself a salary as a sole proprietor?
(3) Is there any difference between self employed and sole proprietorship?
(4) Is sole proprietorship is a firm?