Proprietorship

Sole Proprietorship firms are the most common business types in India. Most of the entrepreneurs choose Proprietorship most of them when they are starting as a single person. It is one of the individual person firm registrations, and the main objective of the Sole Proprietorship is that you need to open a current bank account on the business name with less cost and compliance. A sole Proprietorship needs at least two legal entity proofs to open the existing bank account.

A single Proprietor manages the entire company and also takes care of every transaction made in the industry. Udyog Aadhaar Registration or GST Registration recognizes Proprietorship. It has some shortcomings like no continuous existence and unlimited liability of the proprietor.