The meaning of 'Company' means any company that is established under the Companies Act , 2013.The registration process for a company in India depends on the form of company.If a corporation or company is owned and operated by one person, it is referred to as a sole proprietorship firm or company.A single person takes care of and manages the complete running and functioning of the company in this proprietorship firm type of business.The business owner is the only one to benefit from the company's income and he has to suffer the losses.There is no particular law guiding the sole proprietorship company.Proprietors of such businesses have unlimited corporate responsibility.This requires the personal properties of the proprietor to be attached in order to satisfy corporate liability claims.
Sole Proprietorship, as defined by the Govt.
"Of India is a" one-man corporation in which the company is owned, run and operated by a single person.
One of the key advantages is the ease of preparation, as no government registration is required.
For beginning a one-man company of your own, there are no taxes to be charged, and there is no federal administrative paperwork and enforcement to be met.
You get to maintain whatever revenue or benefit you generate.
In comparison, the revenue advantages of sole proprietorship prohibit the corporation from being doubly taxed.