The sole proprietorship is the simplest business form under which one can operate a business without any company registration. It is an unregistered business entity which is owned and managed by one person. The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. It simply refers to a person who owns the business and is personally responsible for its debts / losses. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name. The fictitious name is simply a trade name.
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A Limited Liability Partnership (LLP) is formed and registered under the Act known as Limited Liability Partnership Act, 2008. A Limited Liability Partnership is a hybrid of Partnership Firm and a Company, which means it has features or characteristics of both partnership firm and company. Every LLP company shall have at least two partners for carrying lawful business with a view to earn profit and there is no limit on maximum number of partners. LLP is governed by an agreement between the designated partners or between the designated partners.
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The sole proprietorship is the simplest business form under which one can operate a business without any company registration. It is an unregistered business entity which is owned and managed by one person. The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. It simply refers to a person who owns the business and is personally responsible for its debts / losses. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name. The fictitious name is simply a trade name.
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