A Sole proprietorship is a business which is owned, managed and controlled by a single person. It is one of the most common form of business in India, utilized by small businesses operating in the unorganized sectors.
Proprietorship is recognized by other registrations, such as a service or sales tax registration. It has too many shortcomings, such as unlimited liability of proprietor, and it does not have continuous existence. For these reasons it is considered by small merchants and traders as a business structure. Sole Proprietorship Registration is done through Legal Spirit.
Choose proprietorship because
- A sole Proprietorship is cheaper as compared to OPC.
- A Proprietorship with income of less than Rs. 2 Lakhs per annum is not required to pay income tax.
- Easy to establish with less formalities.