A sole- proprietorship concern shall be set up by an Individual. If more than one person wants to start a business, they have to choose among other options such as partnership firm, limited liability partnership (LLP) or a company. Proprietor is for the all the activities of his business. Proprietor's personal assets will also be affected if business assets are insufficient to settle business liabilities. Tax liability is in the name of proprietor or in the name of proprietary concern.
5 Advantages of Sole Proprietorship
A sole proprietor is one of the best choices for entrepreneurs who wish to handle everything on their own. Despite it, it has various benefits.
Every business structure has its own benefits. Some of the specific benefits of a Sole Proprietorship Business are: