When Wu Kunling registered his Investment Consultant Office with the Beijing Administration for Industry and Commerce (BAIC) Monday.

He established the first individual proprietorship in the city after the Law on Enterprises under Sole Individual Proprietorship (LESIP) went into effect on January 1.

Wu, 37, who invest 200,000 yuan (22,000 US dollars), said his business will include consultation services, conference organizing,training programs, translation services, and corporate image design.

Wanting to be his own boss, Wu said the LESIP offers him this opportunity, and he will first of all try to build a reputation for his office.

He Qingcai, an official with BAIC, said that an individual owner such as Wu Kunling is highly motivated because he is operating his own business with his own money and therefore has unlimited liabilities.

Even though the LESIP makes it easier for individuals to run their own businesses, He said he does not agree with the rumor that one can set up a company with one dollar, because one dollar will not earn a reputation for a company.

Officials with BAIC said that the registration of new businesses under the new law will continue. (Xinhua)