Proprietorship

A sole proprietorship is a type of entity  that is managed and run by one person as an owner and in which there is no legal distinction between the owner and the proprietorship. It is not mandatory to work ‘alone’ if you are in sole proprietorship—it is possible for the sole proprietor to hire other people for help in work.

The sole proprietor receives all profits and has unlimited responsibility for all losses and debts. 

Advantage of sole proprietorship:

• Less formalties during formation.
• No government intervention.
• Less wastage of time for taking various approvals.
• Limited capital required according to own wish.