Sole_Proprietorship


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Sole Proprietorship

Sole Proprietorship is the simplest and most common legal structure chosen to start a business. It is an unincorporated entity owned and managed by a single individual. In the eyes of the law, there is no legal distinction between the owner and the business.

Registration Process

Technically, a proprietorship doesn't require a formal "incorporation" like a company. Instead, registration is focused on complying with local laws and tax requirements:

Business Name: You can operate under your own name or a "Doing Business As" (DBA) name.
Tax Registrations: Obtaining a GST registration (if turnover exceeds limits) or an Income Tax PAN (the owner's personal PAN is used).
Local Licenses: Depending on the nature of the business, you may need a Shop and Establishment Act license, professional tax registration, or specific industry permits (like FSSAI for food).
Bank Account: Opening a current account in the name of the business using the above registrations as proof.

Advantages

Easy Execution: It is the easiest form of business to set up with minimal paperwork and very low cost.
Total Control: You have 100% say in every decision. There is no board of directors or partners to consult.
Direct Profits: All profits go directly into your pocket; you don't have to share the "spoils" with anyone.
Simplified Tax: Business income is taxed as personal income. You don't have to file a separate corporate tax return.
Privacy: Unlike public companies, your financial records and business dealings remain private.

Disadvantages

Unlimited Liability: This is the biggest risk. Since you and the business are one, your personal assets (car, home, savings) can be seized to pay off business debts.
Difficulty Raising Capital: Investors and banks are often hesitant to fund proprietorships compared to Private Limited companies.
Lack of Continuity: The business legally ends if the owner passes away or becomes incapacitated.
Heavy Workload: Being the "everything officer" can lead to burnout, as the entire burden of success and failure rests on your shoulders.

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