India is full of people who are operating their business in the form of Sole Proprietorship. People generally start their small businesses by forming a Sole Proprietorship. So, it’s necessary to have some basic knowledge about it .
What is a Sole Proprietorship?
As the name suggests, it is a business entity formed in the name of a single person. That person owns the business, manages it and controls the various operations. It can simply be formed by any person who wants to start a business without going through various legal formalities. The Sole Proprietor must be a Citizen and Resident of India.