‘Sole’ means single and ‘proprietorship’ means ownership that means sole proprietorship is a business enterprise owned and controlled by one person who has the entire authority and responsibility of such business. The owner is alone entitled to the entire profit of an enterprise also he is personally liable also.
One Person Company:
Companies Act, 2013 has introduced a new form of business, which is a combination of Sole-proprietorship and Company, this is an opportunity for sole proprietors
to enter into a corporate. It is thus considered as a private company having a separate legal entity and limited liability. (Read More- Detailed difference OPC vs Sole Proprietorship.)