Sole Properitorship is the simplest form under which a company can operate. This business does not have any separate identity under the law. It can also be operated under the name of its proprietor.
Sole proprietorship, also known as sole tradership or individual entrepreneurship, is a type of business owned by a single person. There is no legal distinction between the owner of a business and the business itself. A sole proprietor is responsible for all the financial aspects of the business, while the owner has little or no control over its management or direction. The business may be small, but the profits are significant. It is easy to start a sole proprietorship if you want to start a small operation quickly.
A sole proprietor is an independent business that does not have a separate legal entity. The business owner pays taxes at the individual level, and does not have to consult with anyone else. A sole proprietor pays normal taxes on their profits, and can be held personally liable for any business debts. If the business isn’t doing well, the debt may extend to your home or personal property. Sole proprietors are also responsible for paying sales tax.
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Any Indian citizen with a current account in the name of his/her business can start a sole proprietorship. Registration may or may not be required, depending on the type of business that is planned to be established
A Sole Proprietorship business does not take more than 15 days to set-up and start functioning. This simplicity makes it popular among small traders and merchants.
A proprietorship firm can be started with any amount of capital.
Sole proprietorship companies are not considered as a separate legal entity from their owners and thus there is no separate act for them.
The procedure involved is a little tedious, but it is possible. It is very common for sole proprietors to convert into partnerships or private limited companies at a later stage of their businesses
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