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A sole proprietorship is a business that can be owned and controlled by an individual. It is also termed as individual entrepreneurship, sole trader, or simply proprietorship. Because of its simplicity, ease of setup, and low cost, the sole proprietorship is a popular business structure. A sole proprietor only needs to register his or her name and obtain local licenses before starting a business. a sole proprietorship has no separate identity under the law, the owner typically signs contracts in his or her own name.
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Since there is only one person who manages the business it is easy to operate
Since there is no other partner or shareholder the profit resides only with the owner of the business
Since this business is not registered with any government authority like MCA there are less compliance to follow
The procedure to follow for wind up is easy and need less legal formalities
It is not a separate legal entity from the business owner.
The business owner is personally liable indefinitely (i.e. the business owner is personally liable for all the debts and losses of the sole proprietorship)
It can sue or be sued in the owner's name.
Pan card of owner
Identity proof of owner
Address proof of place of business
Passport size photograph of Owner
Bank statement or Cancelled Cheque
Proprietorship Deed
Shop Establishment Registration
In general, there is no mandatory registration process for Proprietorship Firms. However, if the firm carries on a business that requires licenses or permits, it may be required to register with the relevant authorities.
A Proprietorship Firm is required to comply with the laws and regulations applicable to its business, such as obtaining licenses and permits, filing taxes, and maintaining proper books of account.
No, it is not necessary for a Proprietorship Firm to have a registered office, but it's recommended to have one for the purpose of communication and receiving official documents.
Yes, a Proprietorship Firm can be converted into a private limited company by filing the necessary documents with the Registrar of Companies and obtaining a fresh certificate of incorporation for the private limited company.
The proprietor is the owner of the Proprietorship Firm and is responsible for the overall management and operations of the business. He/She is responsible for making decisions, signing agreements, and ensuring that the firm is in compliance with the laws and regulations.
Yes, a foreign national can register a Proprietorship Firm in India provided they have a valid visa and comply with the FDI policy of India.
A Proprietorship Firm is subject to income tax on its profits and GST on its turnover, if applicable. The proprietor is also required to file income tax returns and GST returns, as per the applicable laws.