A sole proprietorship firm is a business structure in which a single person is in charge of all aspects of management, ownership, and control. Sole Proprietor of the Firm is the title given to the company’s owner. There is no legal distinction between the promoter and the business because the business is run by a natural person. All of the profits go to the promoter. There is no formal registration needed for a Sole Proprietorship firm.
Due to fewer required legal documents and lower startup costs, the primary benefit of a sole proprietorship business is its ease of establishment.