Sole proprietor is a business which is owned by a single person. It is the most frequent and common way of running a business since it includes very less legal regulations.
To run a sole proprietorship registration can be taken under Shop and Establishment Act or under GST Registration
Benefits of Sole Proprietorship
- Minimum Compliance- Minimum compliance requirement is there in sole proprietor.
- Easy Formation- Sole proprietor can be easily formed in less time without any much documentation
- Economical - Sole Proprietor is very economical since there is less legal compliance and thus less cost arises as far as compliances are concerned
Documents required for registration
- Pan Card
- Id Proof and address proof of proprietor
- Proof of registered office like rent agreement or Utility Bill