The sole proprietorship is the simplest business form refers to a person who owns the business and is personally responsible for its debts. The sole proprietorship is not a legal entity. An individual proprietor owns and manages the business and is responsible for all transactions.The owner pays taxes on income from the business as part of personal income tax payments.
Although sole proprietor doesn’t require any specific registrations, he is advised to obtain a few registrations to make his business function smoothly.
• Registering as MSME
• Shop and Establishment Act License (mandatory at some states)
• GST Registration
Mmiliki wa biashara ni aina ya biashara rahisi zaidi, ambayo inahusu mtu ambaye anamiliki biashara na anawajibika kibinafsi kwa madeni yake. Mmiliki wa pekee si mtu wa kisheria. Mmiliki wa biashara ni mmiliki wa biashara na anawajibika kwa shughuli zote, na anawalipa kodi ya mapato ya biashara kama sehemu ya malipo ya kodi ya mapato ya kibinafsi. Ingawa mmiliki pekee haihitaji usajili wowote maalum, anashauriwa kupata usajili wachache ili kufanya biashara yake ifanye kazi kwa urahisi. • Kujiandikisha kama MSME • Mkataba wa Mkataba wa Duka na Uanzishwaji (lazima katika majimbo fulani) • Usajili wa GST