Banner Image

Business Types Suitable For Sole Proprietorship

Online Legal India LogoBy Online Legal India Published On 20 Jan 2021 Updated On 21 Jan 2022 Category Sole Proprietorship

A Sole Proprietorship is the simplest form of business with the flexibility to run. Therefore, you would find it everywhere across the street. As it is easy to form, direct control over operations, and fewer compliance requirements, and these are the reasons to choose this form compared to others. Among any other type of business structure, a proprietorship firm is the most popular structure chosen to commence a small scale business.

Here is the list of businesses which are most appropriate as proprietorship firm based on features of the organization:

  • Retail Trading Activities: Activities such as selling groceries, household goods, merchandise, electric goods, etc. can be done on a very minimal risk by a proprietor.
  • Catering Business: Catering business or food stalls do not require a corporate framework to be formed such business can be easily managed with a few workers. The business can be formed with control of one person and can be run in unorganized form.
  • Small Scale Gruh Udhyog: It operates with little capital requirements and with help of a small team of workers. It includes less risk perfectly matches the structure of a Sole Proprietorship.
  • Software Consultancy: Most freelancers provide services from home and work individually as proprietors. The service requires basic system requirements and can be managed with the medium capital flow.
  • Learning Assistance: Most of the time Tutoring services are provided by proprietors at home or a suitable commercial place on rent. Where the services can be given as a proprietor keeping the entire profit in your pocket.
  • Tax And Legal Consultancy: Chartered Accountants, Company Secretaries, and Lawyers often opt for proprietorship because the business requires very less capital and the professionals are directly responsible for their actions
  • Clinic & Healthcare: The major healthcare entities are initiated as a proprietorship firm in its initial stage because the proprietors want to gain stability in the business before taking it to an organized entity structure.
  • Local Transportation Services: A person can work individually dealing with consumers on requirements. Apart from goods transportation, passenger transportation also comes under this category. The requirements of capital here may be higher compared to other businesses, while the activities can be established with this structure and converted into another form once grown to a sustainable level.

Share With :

Leave A Comment


Comments

Anjali Malhotra

Commenter

Anjali Malhotra

Commenter

Ask Our Expert!

Recent Post
Trademark Opposition

Get to know why Trademark Opposition is required

28 Mar, 2024

Banner Image

How To Copyright a Logo

18 Mar, 2024

Types of Directors in a Company

11 Types of Directors in a Company: Learn What They Are

14 Mar, 2024

GST for FSSAI

Is GST mandatory for FSSAI? Know in Details

13 Mar, 2024

how to register trademark

How to Register Trademark in India?

12 Mar, 2024

Trending Post
Banner Image

Consumer Complaint against Tamil Nadu Electricity Board TNEB

30 Nov, 2020

Legal Action

How to Take Legal Action against Mental Harassment in India?

07 Nov, 2020

Banner Image

UPPCL Uttar Pradesh Power Corporation Ltd. Complaint Filing

19 Nov, 2020

Banner Image

How to File a Complaint Online in Consumer Court in India

27 Nov, 2020

Consumer Complaint against Service Centre

Online Complaint Filing against Hero Motocorp

04 Dec, 2020

Categories