Proprietorship is an alias for the Proprietor or an unregistered business entity ideal for very small businesses in the unorganised sector.
Proprietorship is a business entity it is also known as a sole trader. A sole proprietorship can best be summed up by the phrase, "You are the business”. That is run by natural person with own funds, skill, knowledge. In this type of entity no more legal compliance required. It is not a company, simply a firm. Sole Proprietorships allow persons to report business income and expenses on their individual tax returns. Proprietorship is not required to be registered. Proprietorship is small business in organization sector. Sole proprietorships are attractive to small investors because they are relatively easy to start up. Also, the owner is entitled to all the profit that the sole proprietorship collects. On the other hand, sole proprietorships can be risky because there is no separation between the owner and the business.
In comparisons of other business entities, the proprietorship can work in multiple objects and there are no extra compliances. In India there is no such compulsion on the registration of the proprietorship firm with the department of the Government like other entities have to. Start In India advice to the proprietor to go for the registration of the firm under Micro, Small and Medium Enterprises (MSME) in Udyog Aaadhar Scheme for benefits granted by the State Government from time to time to the enterprises for their growth. This registration also helps the firm to open the Bank Account in the name of the firm, get other department registration like Sales tax and Service Tax.
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Unlimited personal liability for debts, loss other business liability.
Capacity to raise capital is limited.
The business life is limited.
Investors won’t usually invest in sole proprietorships.
All the responsibility for making day-to-day business decisions is at owner.
Owner taxed as a single person.
A sole proprietorship is a simple type of business structure that is owned and operated by the same person. It does not involve many of the complex filing requirements associated with other types of business structures such as corporations. Sole proprietorships allow persons to report business income and expenses on their individual tax returns. Also, the owner is entitled to all the profit that the sole proprietorship collects. On the other hand, sole proprietorships can be risky because there is no separation between the owner and the business.
In other words, the owner remains personally liable for any losses or debts that the sole proprietorship incurs. They can also be held legally responsible for violations committed by the business or its employees
No, proprietorship registration is not required. But registration is required for getting the bank account open in the name of firm for your Business transition.
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Proprietorship registration with TAN registration, MSME under Udyog Aadhaar .
Proprietorship registration with TAN registration, MSME under Udyog Aadhaar, service tax registration .
Proprietorship registration with TAN registration, MSME under Udyog Aadhaar , service tax and trademark registration.
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