Sole Proprietorship

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Sole Proprietorship

Pass-through tax advantages, ease of creation, and low fees for both creation and maintenance are the main advantages of a sole proprietorship. There’s no need to register your business with the state when operating as a sole proprietor.

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  • In layman’s terms, a sole proprietorship is a business organization that consists of just one person. In addition, a sole proprietor is a natural person (as opposed to a legal person or entity) who is the sole owner of the business and is also responsible for its management. In point of fact, the individual and the company are one and the same; there is no distinct legal entity associated with the business.
  • In most cases, a sole proprietorship is exempt from the requirements of incorporating and registering as a business. As a result, it is the least complicated form of business structure and the most suitable option for the management of a small or medium-sized enterprise. Let’s take a look at some of the more significant aspects of a proprietorship.
  • There is no specific legal framework in place to administer a sole proprietorship. As a result, there are not a great deal of additional regulations and rules to adhere to. In addition, it is not necessary to incorporate the business or register it with any authority. In point of fact, in the majority of instances, all that is required of us is the licence so that we can run the desired business. And in the same way that there was hardly any legal process involved in its formation, there is almost none involved in its closure. Overall, it makes it possible to conduct business with relative ease and few interruptions.
  • In India, we are exempt from having to register ourselves as sole proprietors. As a result, there is no central location from which one can verify the standing of a sole proprietorship. On the other hand, if a proprietor has submitted an application for GST registration, the GST registration and filing status of the proprietorship can be checked on the GST Portal to verify the existence of the proprietorship. This is done so in order to determine whether or not the proprietorship actually exists.

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