What is Sole Proprietorship? - Benefits for Startup a Business
Sole proprietorship is the simplest form business form under which one can operate a business. It is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. There is no legal distinction between the assets and liabilities of a business and those of its owner. It is by far the most popular business structure for startups . It doesn’t need any registration with the government but there are some business licenses you need to take while setting up Sole proprietorship firm like sales tax, service tax, import/export code, shop and establishment, etc. Benefits 1. Contacted with the customers: In sole proprietorship a businessman has direct interactions with the customer and cares the likes and dislikes of the public while producing products. 2. Direct Relationship with Workers: In sole proprietorship a businessman has direct relationship with workers. He can better understand their problems and then tries to solve them...