SOLE PROPRIETORSHIP
Sole proprietorship is one of the most popular business structures. It is also termed as sole trader ship, proprietorship or individual entrepreneurship.
Benefits of sole proprietorship are as follows
- It is easier to set up sole proprietorship than any other criteria
- Sole proprietorship being single entity, does not have to pay separate taxes
- It requires minimal investment because of single person involving
- It facilitates neither profit nor losses’ distribution with any third party
- A market analysis will allow no repetition of the old mistakes once done in the business
- The full authority relies on a single person so the decision regarding any professional matter is way easier this way. There are fewer clashes of opinions
- Sole proprietorship is not adhered by any specific law therefore it operation excludes tedious compliances
Sole proprietorship? An Overview
Sole proprietorship is one of the most popular business structures. It is also termed as sole trader ship, proprietorship or individual entrepreneurship. It adheres to minimal compliance that makes the whole process seamless and easy going. Sole proprietorship is a term stated when there is no legal difference between business entity and the owner of the company. Any legal proceeding undertaken within the name of the company will include the owner as the same entity. It does not allow intervention of any third party in the legal matters.
Registrations needed for sole proprietorship are as follows:-
- GST registration
- Shop and establishment act license
- Registering as SME
Procedures for establishing sole proprietorship are as mentioned below-
To register your sole proprietorship the following documents are required-
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