Single ownership is a business which is owned, managed and controlled by the same person. It is one of the most common form of business in India, used by small businesses working in unorganized sectors.
Ownership is obtained through registration of a service or sales tax. There are a lot of deficiencies, such as unlimited liability of the owner, and there is no continuing existence. For these reasons it is considered by small traders and traders as a trade structure. Single ownership registration is done through Legalrasta.
Choose proprietorship because –
- A sole Proprietorship is cheaper as compared to OPC.
- A proprietorship with income of less than Rs. 2 Lakhs per annum is not required to pay income tax.
- Easy to establish with less formalities.