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A sole proprietorship (also known as individual entrepreneurship, sole trader, or simply proprietorship) is a type of an unincorporated entity that is owned by one individual only.

The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. A sole proprietor need only register his or her name and secure local licenses, and the sole proprietor is ready for business.

The simplicity of a sole proprietorship makes this form of business structure extremely popular among small businesses, freelancers, and other self-employed individuals. What begins as a sole proprietorship may be transformed into another, more complex business structure, such as a corporation, if the business grows substantially and begins hiring a sizeable number of employees

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    Advantages of a Sole Proprietorship
    Despite its simplicity, a sole proprietorship offers several advantages, including the following:
    1. Easy and inexpensive process: The establishment of a sole proprietorship is generally an easy and inexpensive process. Certainly, the process varies depending on the country, state, or province of residence. However, in all cases, the process requires minimum or no fees, as well as very little paperwork.
    2. Few government regulations: Sole proprietorships adhere to a few regulatory requirements. Unlike corporations, the entities do not need to spend time and resources on various government requirements such as financial information reporting to the general public.
    3. Tax advantages: Unlike the shareholders of corporations, the owner of a sole proprietorship is taxed only once. The sole proprietor pays only the personal income tax on the profits earned by the entity. The entity itself does not have to pay income tax.
    What documents are required for registering a proprietorship in India?

    Documents required of Proprietor

    1.  Pan Card
    2. Aadhar card
    3. Passport
    4. Driving Licence
    5. Bank Statement
    6. Passport Size Photographs