As the name signifies sole proprietor is the natural person financing, managing and carrying out all related operations of his business solely. He runs his venture, bears all the risks and gains and becomes the masters of his business. He can adopt a trade name or business name which is other than his legal name to separate his personal connection.
Generally the small businessmen prefer to enter into sole proprietorship. This is because:
No there is no such legal act which lays down the procedure for a sole proprietor to get registered. Anyone can start his or her proprietorship business if one has got idea as well as funds. The commercial activity can be related to providing services or selling some goods. All you need is a place to start say a bay, shop or outlet or an empty room in your house if the commercial activity is allowed in your area.
To start a sole proprietorship there are some things which one needs to possess along with ideas, funds and a business location which are:
These things will give recognition to the business.
What are the business options available to sole proprietor?
A sole proprietor can:
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