A sole proprietorship is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity. The owner is in direct control of all elements and is legally accountable for the finances of such business.
The sole trader receives all profits and has unlimited responsibility for all losses and debts.
Need help with your GST Filing? Our representatives are here to help you.
1. Complete control and decision-making power over the business
2. Sale or transfer can take place at the discretion of the sole proprietor
3. No corporate tax payments
4. Minimal legal costs to forming a sole proprietorship
5. Few formal business requirements