A sole proprietorship also referred to as a single trader or a proprietorship,it is an unincorporated business that has just one owner who pays personal income tax as earned by the business.It is the most feasible form of business if you want to execute your business plan with least legal compliance’s and minimum operational outlay.
Advantage of sole proprietorship
- Easy to establish with less formalities.
- Easy to dissolve
- Independent control
- A proprietorship with income of less than Rs. 2 Lakhs per annum is not required to pay income tax
- Ease of compliance
|Aadhar Card copy
PAN card copy
passport size photo
Proof of business address
(Electricity/ Water bill of Business Place)