What is Proprietorship Firm?
When a business is controlled and owned by a single person, it is called as sole proprietorship firm. It is the one of the most popular way of doing business by unorganized sector, small and medium enterprise. For sole proprietor firms, registration is not mandatory however it can be supported by various alternative registrations such as GST registration, MSME Registration, shop and establishment registration and import export certification.
Benefits of Proprietorship firm
Lesser Compliance in comparison to Partnership firms ,Company and LLP
Suitable for Unorganized Sector, Small and medium enterprises
Easy to register and manage