A sole proprietorship is the oldest and the most common form of business. It is a one-man organization where a single individual owns, manages and controls the business.
1- Easy to Start
2- Maximum Tax Saving
3- Totally Confidential
4- Quick decisions and flexibility of operations
1- Limited Resources
2- No Legal Existence Separate from its owner
3- Unlimited liability
Since the proprietorship has no legal existence separate from its owner hence there is no registration or approval is required to start a proprietorship business.
However the owner is required to obtain a license specific to the line of business :-
Shops and Establishment Registration
Import and Export Code