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Proprietorship
The sole proprietorship is the simplest business form refers to a person who owns the business and is personally responsible for its debts. The sole proprietorship is not a legal entity. An individual proprietor owns and manages the business and is responsible for all transactions.The owner pays taxes on income from the business as part of personal income tax payments.
Although sole proprietor doesn’t require any specific registrations, he is advised to obtain a few registrations to make his business function smoothly.
• Registering as MSME
• Shop and Establishment Act License (mandatory at some states)
• GST Registration
