-
Cost-effective efficiency and timeliness
T&C*Terms & Condition*
- Total payment may vary depending on government fees and the entity of the company.
- Downtime on the government portal may cause work delays.
- Documents should be appropriate as per the requirements.
- Documents must be provided in time to avoid delay.
- Professional and experienced team
Sole Proprietorship
Sole proprietorship is a business structure where one individual owns and operates the entire business. It offers simplicity, full control, and direct tax benefits. The owner is personally responsible for liabilities, and the business and personal assets are not separate.
Trusted by 3000+ companies, who wrote success stories with us
A sole proprietorship is a business structure where an individual operates and owns the business as a single entity. In this setup, there is no legal distinction between the business and the owner, making the owner personally responsible for all aspects of the business.
In a sole proprietorship, business income is typically reported on the owner's personal income tax return. The business itself is not taxed separately. The owner is responsible for paying income taxes on the profits generated by the business at their individual tax rate.
Some advantages include simplicity of setup, full control and decision-making by the owner, and direct ownership of profits. Additionally, there are fewer regulatory requirements and formalities compared to other business structures.
One major drawback is that the owner has unlimited personal liability for the business debts and obligations. This means that personal assets, such as a home or savings, may be at risk to satisfy business-related debts. Additionally, the business is more vulnerable to the owner's personal financial situation.
