Sole Proprietorship Firm

4 posts · originally from https://geek.digit.in/community/threads/sole-proprietorship-firm.154613/

I am planning to start a Sole Proprietorship Business of outsourcing (call center or agency).

Would be taking Bank Collections, Insurance and Sales processes from different companies.

What are the prerequisites for opening a sole proprietorship firm, i.e. what are all the formalities and paper work that needs to be done before starting the operations?

A step by step guide will be helpful and one humble request, please post your original information; no Google links please! Have viewed all the links in Google....

A sole Proprietorship doesnt need to be registered(Thats what is given in my business text book

).
Sole Proprietorship has many disadvantages like Unlimited Liabilities,Limited Capital,Very little scope of expansion.
And its free for goverment regulations.
Let some expertise who has graduated suggest more
Im just in 11th

EDIT:As your planning for Bank Collections, Insurance and Sales processes from different companies.
I dont think Sole proprietorship is good for this business.
Sole traders are only good for these small roadside shops you like(I.e Pan walla,Photocopy copy,pencil shops, Medicinal Shops).
If you have a partner,Look into Partnership firms

You should be asking this to your Accountant, not on forums.