It is a type of business entity which is owned, managed, and controlled by a single person. This business owner is called as Sole Proprietor of the firm. As the business is run by a person, there are no legal differences between the promoter and the business. He receives all the profits. It is easy to start as there are fewer legal formalities and fewer formation costs are involved. The government of India has not yet prescribed registration mechanism for registering a sole proprietorship firm. The registration thus can be only recognized through tax registrations which the business is needed to have as per the rules and regulations. These tax registrations may have SSI/MSME registration and or GST Registration which should be obtained in the name of the proprietor to start the proprietor is operating a business as a sole proprietorship.
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