Amit Bhattacharjee & Associates: Sole Proprietorship Registration

A sole proprietorship is a convenient and simplified way to commence a business in India. It is neither considered as a corporation nor a company where the business is owned by a single person who is the nowner/director/shareholder of the proposed entity. Some common examples of proprietorship business are shops such as chemist, saloons, grocery, etc. An individual who wishes to sell his/her own products or services can run their business as a sole proprietor, and can enjoy the rights provided to a registered legal company. Most of the entrepreneurs find it as an ideal business entity and have registered their business under it. The loss or profit of the company is considered as the loss or profit of the individual and the income of the company are considered as the income of the owner as per the Income Tax Act.