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Proprietorship

Overview
Registration requirements
Advantages
Disadvantages
Documents required
Conversion
Other queries

Advantages

  • Very few compliances as compared to LLP and companies: There is no filing requirement on account of being a sole trader business unlikely LLP and companies. However, there can be a requirement of audit under Income tax or GST based upon turnover during the year.


  • The Simplest form of business to start


  • Economical to maintain the business


  • Best for business in starting phase

Overview

Proprietorship or sole proprietorship or sole trader is a type of business entity owned and operated by one person. If an individual gives the brand name for his business activities professionally.

companies like Coca-Cola, Apple, Hewlett-Packard's, Amazon, Google etc. all started their company as Sole Proprietorship and Flipkart, Snapdeal etc. started a business as sole proprietorship companies in India.

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