In this era of growing need of financial self-dependency and independence from reliance on others, almost every other person wishes to be a boss of their own. And why not be, for it has numerous perks associated to its name that none can give a hoot to the self-reliance a self-owned business gives. Talking in legal terms, it is what is known as sole-proprietorship. Formally, any enterprise being run by a sole person who is at the sole authority of the business, and the business is not a legal entity, is termed as sole proprietorship and it is believed to be the simplest form of business, to operate one. A sole proprietorship firm, is one of the most popular form of business, due to its simplicity, nominal cost of operation and ease of setup. So, let us delve in and get to know more about sole proprietorship.With the less investment required and having control of the business solely in the hands of an individual is what simply means “Sole proprietorship”. However, incorporating a sole proprietorship have some drawbacks as well. Here is mentioned everything related to the sole proprietorship, including the advantages and the disadvantages.Sole proprietorship is not covered under any Act and hence it is optional to get sole-proprietorship firm registered. With only one member being the owner is what you need to incorporate a sole-proprietorship firm.