SOLE PROPRIETERSHIP
One of the most thrilling phases of your career may be launching a business, but there are many choices involved. Selecting a business structure is among the first and most crucial steps. A sole proprietorship is the most straightforward and approachable choice for a lot of entrepreneurs.
Documents Required :-
✅ PAN Card
✅ Aadhaar Card
✅ Electricity Bill / Rent Agreement
✅ Email id, Mobile Number, Passport size photograph
Sole Proprietorship: The Foundation of Solo Business Ventures
The simplest kind of business entity is a sole proprietorship. It is not legally distinct from its owner and is owned and run by a single person. This implies that the owner is personally liable for all debts and liabilities in addition to having the right to all profits.
Hallmarks of a Sole Proprietorship
- Single Owner: Only one person owns and operates the business.
- Easy Setup: No formal registration is required in many jurisdictions (though local licenses or permits may be needed).
- Full Control: The owner has complete authority over business decisions.
- Tax Simplicity: Business income is reported on the owner’s personal tax return (pass-through taxation).
- Unlimited Liability: The owner is personally liable for any business debts or
legal actions.