Proprietorship firms are one of the most commonly seen business types in our country. A sole proprietorship is a business that is owned and managed by a single person. You could have one up and running within 15 days, which makes it very popular among the unorganised sector, particularly small traders and merchants.
Proprietorships are recognised by other registrations, such as a GST registration. As you would imagine with a business that’s so easy to set up, its shortcomings are severe – the liability of the proprietor is unlimited and it does not have a continuous existence.