Definition -

Sole Proprietorship concern is owned by a single person with less compliance and cost. Liability in this concern is 100% owned by the proprietor. It's a very popular business formation in India when you starting a new business for the testing purpose.

Sole Proprietorship Need Minimum 1 Person for the Registration. The person called sole proprietor. a sole proprietor is the owner of the business. Sole Proprietor can be hired also someone to running their business as the employee but can not authorised signatory for the legal documents signing purpose.

Definition Company- 

  1. A company can be defined as an "artificial person", invisible, intangible, created by or under law, with a discrete legal personality, perpetual succession, and a common seal. It is not affected by the death, insanity, or insolvency of an individual member..

  2. A company may be a "corporation, partnership, association, joint-stock company, trust, fund, or organized group of persons, whether incorporated or not, and (in an official capacity) any receiver, trustee in bankruptcy, or similar official, or liquidating agent, for any of the foregoing". (Reference - Wikipedia)

  3. company is any entity that engages in business. Companies can be structured in different ways. For example, your company can be a sole proprietorship, a partnership, or a corporation. Depending on which different type of company you're dealing with, it may be owned by one person or a group of people.