A Sole proprietorship can be explained as a kind of business or an organization that is owned, controlled and operated by a single individual who is the sole beneficiary of all profits or loss, and responsible for all risks. It is a popular kind of business, especially suitable for small business at least for its initial years of operation. This type of businesses is usually a specialized service such as hair salons, beauty parlors, or small retail shops, etc.
This type of business organization is formed by the owner himself.
No legal conventions are obliged to start the sole proprietorship form of organization.
In some instances, the legal formalities are required or the owner should have a particular license or a certificate to run the business.
The owner can close the business at his own discretion.
In the sole proprietorship business, the sole owner has unlimited liability.
In this case, the owner is himself liable to pay all the liabilities. If he takes a loan for its business then he will be liable for all the debts.
Hence, he is personally liable for all the debt which can be recovered by his personal estate when funds are insufficient.
Economical and less expensive:Can be started with even less capital
Hassle-free registration process with less paperwork
Less Compliance: One person can start a firm so minimum compliance work
Ownership and control over business: As it is One-person company so privacy and confidentiality is maintained
Decision making:Instant or Free decision making is possible as there is no involvement of any second or third partner or member
Aadhar Card
PAN (Permanent Account Number) card
Latest Bank Statement
Registered office proof
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