A sole proprietorship essentially means that it is a one-man-show. This kind of a business is owned, managed and handled by a single person whose in complete control of each and every aspect of the business. Its where a single entity is held accountable for elements like profit, loss, debt etc. which also indicates that there is not really any distinction between the owner and the business entity. Its also one of the most common types of businesses opted by small businesses in India’s unorganized sectors who expect to have a limited existence. Obviously, its one of the easiest to start with very few requirements regarding the regulatory compliance for incorporation like a few registrations which MyOnlineCFO can help you manage within 7-10 days(subject to government processing time).
Proprietorship Startup Process
Since Proprietorship is the simplest form of business hence there is no specific process for incorporation.