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

1.One Person Required as Single Entrepreneur

2. Single Owner of the Business

3. Easy to Start and Easy to Close

4. Complete Control

5. Low Cost of Formation and Compliance

Disadvantages of Proprietorship Firm

1.Lack of Resources

2. Unlimited Liability

3. Lack of Credibility

4. Cannot raise funds easily

5. Can not add Partners