A sole proprietorship company is one that is owned and managed by just one person. This type of business can be formed in as little as fifteen days, making it one of the most common forms of unsystematic businesses to start, particularly among merchants and small dealers. Registration is not necessary for a Sole Proprietorship business because it is recognised through other registrations, such as GST registrations. Its responsibility, on the other hand, is boundless, and it does not exist indefinitely.