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Sole Proprietor firms are governed based on the Shop and Establishment Act of the states from which they operate
Small manufacturers and traders, who are having GST registrations are called sole proprietors.
ADVANTAGES
- Flexibility in Operations
- No need to share profits
- Simple tax returns
- Formation of sole Proprietorship involves less formalities.
DOCUMENTS REQUIRED FOR SOLE PROPRIETORSHIP
To start a Sole Proprietorship, the following documents are required
- Aadhar card
- PAN card
- Latest Bank Statement
- Rental agreement or sales deed (in case of Shops & Establishment Act Registration).
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