Sole Proprietorship is the most basic form of business entity available in India. In this episode of eLagaan Whiteboard Friday, the eLagaan team explains the basic concept behind sole proprietorship in India. It discusses how this business firm type can be started and what it takes to maintain it.
The video also discusses some of the advantages and disadvantages including its un-limited liability, scaling up, raising money, getting loans – i.e things you should know before you can open a bank account for a sole proprietorship (new KYC norms from SBI). The video also touches upon how getting some licenses can help in opening up a bank account at the same time can cost you extra money to do so and also talks about why sole proprietorship is not advisable for non resident Indians (NRI) & foreigners and some of the start ups.