Proprietorship Firm is the best form of business for an individual who wants to make a small business entity with own idea and concept. The proprietor is liable for any type of risk like profit & loss and he will be responsible for all business creditors. Only a single owner handling all decisions and operation in this form or he/she will appoint someone for work but last decision is the owner's decision in a proprietorship firm.
Easy to Start:- A Proprietorship Firm you can easily star within few hours. Proprietorship firm is not registering anywhere in the low for opening a current account of the proprietary firm need registration which is also legalised your business form. MSME Registration will help to a proprietor for the small loan.
Need to select a name:- For registration of a Proprietorship Firm first, you need to decide a name for your firm. If you want to see your organisation in a good level hence you need to finalise a unique name for your business form. We recommend you at the time of firm registration also take the trademark for your firm name which will save delicacy in the market after registration.
Annual compliances:- There is no audit required same like LLP and partnership firm. Just you need to file Income tax in the department within a financial year of business. There is also no any provisions for audit and tax audit.
Owner's Pan card is the Pan card of the firm also on proprietor Pan card behalf fist we will apply for Tan number of his/her Proprietorship Firm.
For running a business you need few licenses required as per nature of the business.
For saving the name of the firm under Intellectual property right need to file trademark which will save the duplicate of the brand name in the market after stating the proprietorship firm.
Application for PAN & TAN is the final step of partnership firm registration which applied under NSDL. Both are the documents which we require for filing transaction in the department and opening current account of the firm.
A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of enterprise that is owned and run by one natural person and in which there is no legal distinction between the owner and the business entity.
The sole proprietorship is not taxed as a se[prate legal entity, but rather the owners file their business taxes on their personal tax return.
The owner or proprietor is in complete control of business decisions. Any person who wants to set up shop and begin dealing with customers can get right to it, in most cases without any registration.
If you are doing any kind of small business and you need a current account with the business name then you need few registrations for applying current account.
You have all rights of taking any kind of decision under a proprietorship firm. An owner of the firm is liable for all liabilities.
For registration form of business is also creating very important role because in behalf of nature of the business we can be finalized what registration are enough for your business.
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