In the Proprietorship Firm business, an individual (referred to as the Proprietor), himself is the sole owner of the whole business. The proprietor carries the burden and responsibility of the business and its operations.
Sole Proprietorship Firm is a popular business structure in India because of its ease of setup, administration and involvement of nominal cost. It is the simplest form to run the business in India. There is no separate legal existence from the proprietor.
Following are some advantages to start a Proprietorship Firm.
- Sole ownership and no interference from others
- Minimal cost for setting up business
- Minimum compliance
- No profit distribution
- Single income tax return for owner and firm
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