If you want to start a new online or offline business, sole proprietorship firm is the best option for you. its a very simple business formation for small entrepreneurs who want to test their ideas or start with small capital with low cost of formation.
Key Features of Proprietorship Firm
One Person Required as Single Entrepreneur.
Single Owner of the Business.
Easy to Start and Easy to Close.
Low Cost of Formation and Compliance.
Disadvantages of Proprietorship Firm
Lack of Resources.
Lack of Credibility.
Can not raise funds easily.
Can not add Partners.