It becomes a dream come true for most entrepreneurs to have their own business and to run them quite effectively. But on the flip side, one should also understand that running and effectively administering a business firm is a bit tedious and complicated. In this direction, "The proprietorship firm or the sole proprietorship firm comes as blessings in disguise for the young entrepreneurs to initiate the business through the proprietorship firm setup" as it involves less legality as compared to other forms of firm registration. The basic nature and structure of the sole proprietorship firm is that it does not have a separate identity under the law and the proprietorship firm allows the entrepreneur to have the firm on his or her name.