Proprietorship

It is an unincorporated business owned by a single person who is responsible for its assets and liabilities and entitled to earned profits and enjoying the benefit of business environment.

Features

• One man ownership and control
• No much legal formalities
• Own Capital contribution
• Unlimited liability
• No separate entity for the business and personal
• Non Profit sharing
• Complete secrecy

Benefits

• Easiest and least expensive form of ownership to organize
• Sole proprietors are in complete control, and within the parameters of the law, may make decisions as they see fit
• Sole proprietors receive all income generated by the business to keep or plough back to earn
• Profits from the business flow-through directly to the owner's personal tax return
• The business is easy to dissolve, if desired

Suitability

• The capital requirement is very small.
• The goods are of artistic and personal requirements
• There is transfer of personal services
• Computer services
• Business necessitating spirit of co-operation