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A business that legally has no separate existence from its owner. … The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of enterprise that is owned and run by one natural person and in which there is no legal distinction between the owner and the business entity.
Advantages and Disadvantages of Sole Proprietorships. The most common and simplest form of business is a sole proprietorship. Many small businesses operating in the Indias are sole proprietorships. An individual proprietorowns and manages the business and is responsible for all business transactions.Major benefit of a sole proprietorship as a legal business entity is its simplicity. Inc. magazine notes that a sole proprietorship is the simplest form of business structure. Sole proprietorships usually require very little paperwork or legal documentation.
Income and losses are taxed on the individual’s personal income tax return. . Thesole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. Adhimukti Associates provides registration of Proprietorship is 3 to 5 working days subject to Govt. processing time or client document submission.
Get a free consultation for Proprietorship Registration and Business Setup in India by Scheduling an appointment with an Adhimukti Advisor.
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