Sole Proprietorship firm

If you're looking to start a business, a sole proprietorship might be a good option for you. This type of business is owned and operated by a single person who pays personal income tax on the profits earned. Unlike other business types, you don't need to create a separate business or trade name, which makes it an easy choice for many people.

Sole proprietorships are also known as sole traders or proprietorships. They're popular among entrepreneurs, self-contractors, and consultants because there are few government regulations and the setup process is simple. Many small firms begin as sole proprietorships, and some may decide to remain that way or change later on to become corporations or limited liability companies.

The key feature of a sole proprietorship is that it's owned, controlled, and operated by one person who takes on all the risks and enjoys all the profits or bears all the losses. This makes it an attractive option, especially for specialized services like hair salons, beauty parlours, or small retail shops. Overall, a sole proprietorship can be a great choice for small businesses during their early years of operation.

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CAMSOL Advisory
CAMSOL Advisory