I'm a recently qualified chartered accountant willing to started practice .While applying for the firm registration ,there are two options are available 1) Properitor 2) sole practice
Can anyone tell what's the difference between these two ?
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A newly qualified chartered accountant is seeking clarification on the distinction between 'Sole Practice' and 'Proprietor' when registering their firm. The discussion explains that 'Sole Practice' typically means a one-person firm under your own name, while 'Proprietor' allows for a specific firm name and the possibility of taking on multiple partners. The ICAI website lists firms under these two categories, Sole Proprietorship Firms and Partnership Firms.