Henry Fayal has once said that ` One Man Control is the Best in the World, if that Man is big enough to manage everything. A sole proprietorship is very traditional and oldest form of organization in the world. In India, it is practiced in mass scale. The Income Tax Act, 1961 do not recongnise Sole firm as Separate Entity. Therefore, there is no separate PAN of Sole Proprietorship Firms. The Individual PAN of owner is used to file Income Tax Return of these Firms. It is a type of an unincorporated entity that is owned by one individual only. Because of this fact, the owner of the entity is fully liable for any and all the liabilities incurred by the business. It is that type of business organization which is owned, managed and controlled by a single owner.
As such there is not Registration for the Sole Propreitorships like those of OPC, Partnership Firms, LLP etc. There are few registrations
required in order to establish the existence of the firm: To Open Bank Account is the main challenge for these Firm especially when these not required to
be registered under GST Laws being the threshold limit less than the prescribed one. Therefore, it is advisable to get it register under the
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