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1. Lifespan Depends on the Owner A sole proprietorship exists as long as the owner is alive and active in business. It automatically ceases to exist upon the death, retirement, or incapacity of the proprietor, unless transferred or restructured. 2. No Perpetual...
1. Unlimited Personal Liability The owner is personally liable for all debts and obligations of the business. If the business incurs losses or faces legal action, the owner's assets can be used to cover liabilities. There is no legal distinction between the individual...
1. Simple and Inexpensive to Start A sole proprietorship is the easiest form of business to establish. It requires minimal legal formalities and low initial setup costs. Most businesses can begin operations with basic licenses or registrations. No need to register...
1. Single Ownership The business is owned and operated by one individual. There is no distinction between the owner and the business.s All profits and losses belong solely to the owner er. The owner makes all business decisions independently. No partners or...
1. Ownership Structure A sole proprietorship is owned by one individual. A partnership involves two or more individuals sharing ownership. A corporation is a separate legal entity owned by shareholders. Sole proprietorships and...
1. Eligibility Criteria Any resident individual in India can own a sole proprietorship. The person must be 18 years or older to legally enter into contracts. No educational qualifications or special skills are mandated by law. Foreign nationals or Non-Resident Indians...
1. Definition and Concept A sole proprietorship is a type of business entity that is owned and operated by a single individual. It is not a separate legal entity from its owner, meaning the owner and the business are considered the same for all legal and financial...
In a move aimed at reducing the tax burden and easing compliance for micro-businesses, the Government of India is considering a proposal to relax Input Tax Credit (ITC) norms for sole traders registered under the Goods and Services Tax (GST) framework. The proposal,...
In a move aimed at bridging the employment gap and supporting micro-entrepreneurs, the Government of India has extended access to the National Career Service (NCS) job listings portal to sole business owners. The decision, announced by the Ministry of Labour and...
In a significant push toward formalizing the informal economy, the Central Government has urged all states and union territories to expedite the identification and registration of unlisted sole proprietors. The directive, issued jointly by the Ministry of MSME and the...