When an individual is the single owner of a business then that structure of the business is called sole proprietorship. The literal meaning of this is a single owner.

• The most common structure of small business in India is a sole proprietorship.
• It has the least number of regulations.
• Most easy to start or shut structure.
• Least cost involved in setting up, maintaining and closing the business.
• Any name can be used until the name is trademark protected.
• Simple tax structure.

• The owner is personal liability for all business deals.
• Less credibility compares to other business structures.
• The owner can not sell partial ownership of the business.
• At the time of the death of the owner, there is a high chance of collapsing the business.

There are not any specific laws or regulations to start a sole proprietorship. But registration can be made as per requirements and local regulations.

• State Shop and commercial establishment – Any commercial establishment like a shop, warehouse, office, eateries, or theatre have to get registered under this act. And it is state-based so rules may differ from state to state. It has rules and regulations to secure the welfare of workers and employees.
• MSME Registration – Any business including manufacturing and trading can be registered under MSME subject to some investment, and
• GST Registration

NO, your personal PAN number is also the PAN number of your business.

Yes and No Because your business can change but legally it is more like you have shut your business and started a new firm.

A separate calculation of income from the business is calculated and then added to the total income of the individual for taxability.

You can have both ways. But it is recommended for accounting and taxation purposes to maintain separate accounts for the business and personal.