While registering a sole proprietorship, an individual PAN card is used as an identity proof. Thereafter, the following applications are made:
*GST Registration is required if annual turnover is more than Rs. 20/40 lakhs. Also, if you are doing online business (selling through amazon, Swiggy etc.), you are required to get a GST number.
A sole proprietorship offers several advantages over other forms of business.
The potential disadvantages of sole proprietorship include the following:
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