What is sole proprietorship?

A business firm which is owned, controlled, and managed by one person is referred to as a sole proprietorship. “Sole Proprietor” is the title given to the business’s owner. There is no distinction between the promoter and the business from a legal standpoint because it is managed by a natural person. All earnings go directly to the promoter. There is no official registration need for a sole proprietorship business. The main benefit of a single proprietorship business is that it is very simple to establish because there are fewer formalities and expenditures associated with doing so.

Sole proprietorship registration:

 There is no registration process for sole proprietorship firms in India, nor has the Indian government established any rules and regulations governing them.

A proprietorship’s registration can only be confirmed by tax registrations that the business is required to have as per the rules and regulations. Such Registration Includes:

• GST Registration and/or
• SSI/MSME / Udyam Aadhar Registration 
• BRN Registration
• Registration Under Shop Act.