The sole proprietorship model is extensively embraced in India, wherein a solo entrepreneur operates an unincorporated enterprise using either their personal name or an assumed alias. This setup provides simple establishment procedures and limited regulatory responsibilities, rendering it well-suited for nascent ventures within informal sectors. Nevertheless, it lacks advantages such as restricted liability, distinct legal identity, and ongoing existence, making it better suited for micro enterprises or those with a finite duration.
Sole proprietorship offers benefits like cost-effectiveness, straightforward establishment, reduced regulatory constraints, and full command over the business. The proprietor enjoys the entirety of the profits, yet assumes sole responsibility for a singular tax payment due to the absence of legal distinction between the proprietor and the business.
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