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Step-by-step guides on company registration, GST filing, income tax returns, and MCA compliance — explained simply by our in-house experts.
A Sole Proprietorship is a type of business entity that is owned, managed, and controlled by a single individual. There is no legal distinction between the owner and the business — they are treated as one and the same entity. The proprietor alone bears all risks and enjoys all profits.
There is no single dedicated statute governing sole proprietorships in India. They are not governed by any specific legislation like the Indian Partnership Act or the Companies Act. Instead, they operate under general laws such as the Income Tax Act, 1961, the GST Act, the Shops and Establishment Acts of respective states, and other applicable trade/industry-specific laws.
No. A Sole Proprietorship does not have a separate legal identity from its owner. The proprietor and the firm are considered the same person in the eyes of law. The firm cannot own property, enter into contracts, sue, or be sued in its own name independently of the proprietor.
Ownership: Sole proprietorship has a single owner; a partnership has 2–50 partners; a company has shareholders. Legal Entity: No separate legal identity in sole proprietorship; a company has a distinct legal identity. Liability: Unlimited in sole proprietorship; limited in a company/LLP. Registration: No mandatory central registration for proprietorship; mandatory for companies. Continuity: No perpetual succession; companies have perpetual succession. Taxation: Proprietor taxed as individual; company taxed separately at corporate rates.
Any Indian citizen who is a major (above 18 years of age), of sound mind, and not disqualified by any law (e.g., declared insolvent) can start a sole proprietorship. There is no requirement of educational qualification, minimum capital, or approval from any authority.
No, there is no single mandatory central registration for a sole proprietorship. However, to operate legally and establish the firm's existence (especially for banking, GST, and licensing purposes), the proprietor typically obtains a combination of registrations such as GST Registration, Udyam Registration, and Shop & Establishment Certificate.
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