Sole Proprietorship & the Insolvency and Bankruptcy Code of 2016: Lawyers Advice
Sole proprietorship is a specimen of a business being owned by a single person who carries an unlimited liability. Its foundation lies in the fact that there is no legal divide between the sole proprietorship and the proprietor. This implies it has no legal identity of its own. This is remarkably in contrast with say a company that has a separate legal entity, hence, can sue and be sued in its own name. This becomes a crucial concern when viewing matters related to insolvency and bankruptcy which is governed by the comprehensive Insolvency and Bankruptcy Code, 2016. Seemingly, a proprietorship...
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