Sole Proprietorship

Proprietorship also referred to as a sole trader or a proprietorship, is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business. A sole proprietorship is the easiest type of business to establish or take apart, due to a lack of government regulation.

Documents required for formation of a proprietorship.

  • PAN card/Aadhar card
  • Passport
  • Address proof
  • Bank account

Advantages of a Sole Proprietorship

  • Few government regulations
  • Tax advantages
  • Sole Legal status
  • Easy and inexpensive process
  • Prompt Decisions
  • Less capital Required.
  • Simplified Tax Reporting
  • Operating freedom and flexibility