A sole proprietorship is the oldest and the most common form of business. It is a one-man organization where a single individual owns, manages and controls the business.
Advantages
- Easy to Start
- Maximum Tax Saving
- Totally Confidential
- Quick decisions and flexibility of operations
Disadvantages
- Limited Resources
- No Legal Existence Separate from its owner
- Unlimited liability
So it is suitable for the businesses where capital requirement is small and Risk is less.
Registration
Since the proprietorship has no legal existence separate from its owner hence there is no registration or approval is required to start a proprietorship business.
However the owner is required to obtain a license specific to the line of business
Shops and Establishment Registration
GST Registration
Import and Export Code ( Only for Export and Import Business)