PROPRIETORSHIP

One individual owns, controls, and manages a sole proprietorship, a type of business entity. With the simplest registration process and the fewest regulatory obligations, it is the most straightforward method of conducting business.
The most prevalent business structure in India is the sole proprietorship, which is unregulated by any particular set of laws. The proprietor retains complete control over the business's finances, legal procedures, and decision-making authority.

Limited liability does not apply to sole proprietorships. The only director and shareholder is the person who runs the business because the proprietor and the proprietorship firm are regarded as one and the same. The proprietor can also sign contracts or agreements in his name, even if the company is registered under a different name. Additionally, the owner is able to use their own accounts.
Anybody who wants to start a firm with less money should choose this type of business structure. Small business owners, including those in retail, wholesale, and other industries, tend to favour sole proprietorships. These companies have a tiny product market, a straightforward business plan, and little to no financial risk.

These days, a proprietorship must also register under tax laws like GST Registration if it falls into a particular category. Registering a business with Shop and Establishment, MSME, or GST is one method of becoming a single owner.
To start your business, you will also require additional licenses, permissions, and registrations in addition to the ones stated above. This criterion will depend on the kind of business a person want to run. For example, in order to start your food business as a proprietorship, you might need to register with the FSSAI or get an FSSAI licence.