sole proprietorship firm
What is sole Proprietorship?
Sole proprietorship is also known as sole trader, Individual entrepreneurship. Proprietorship is kind of entity that is Owned and managed and controlled by Individual person and has No legal distinction between owner and Entity. Sole Proprietorship which is oldest form of Business, And Its Most common of type of business due to its simplicity, ease of setup and its Nominal cost, Proprietorship firm just has to register name and secure local license.
Who is proprietor?
Entrepreneur who owns and operate the business is called proprietor of the firm. A proprietor is whole and sole responsible for decision of firm. Liabilities of the firm is considered as the liabilities of proprietor because proprietorship doesn’t has separate legal entity.