The sole proprietorship structure is widely adopted in India, wherein an individual entrepreneur conducts an unincorporated business either under their own name or a fictitious name. It offers ease of setup and minimal regulatory obligations, making it suitable for start-ups in unorganized markets. However, it lacks benefits like limited liability, separate legal entity, and perpetual existence, making it more suitable for micro businesses or those with a limited lifespan.
The advantages of sole proprietorship include affordability, easy setup, fewer regulations, and complete control over the business. The owner receives 100% of the earnings but is also liable for single tax payment due to the absence of legal separation between the owner and the business.
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