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What Is Proprietorship Firm?
Proprietorship firm has following characteristics:
- One Person Owner.
- Unlimited Liability, Personally Liable for Business Debts.
- Not a separate legal entity.
Proprietorship firm is easy to establish, any one registration from the below list results to Proprietorship registration:
- Goods & Services Tax Registration (GST Registration).
- Shops & Establishment Act Registration.
- MSME Registration.
- Professional Tax Registration.
Benefits Of Proprietorship Firm
Benefits Of Proprietorship Firm
Easy To Establish
It is Easy to Establish and Register the Sole Proprietorship Business. The Cost of Register a Proprietorship Firm is Also Very Less as Compare to Other Business Structure. The Owner Can Run Any Legal Business in His Own Name or With a Different Legal Name as a Brand.
Easy To Establish
It is Easy to Establish and Register the Sole Proprietorship Business. The Cost of Register a Proprietorship Firm is Also Very Less as Compare to Other Business Structure. The Owner Can Run Any Legal Business in His Own Name or With a Different Legal Name as a Brand.
Tax Benefits
Proprietorship Firm is Not Separate Legal Entity for Income Tax Purpose. The Slab Rate is Applicable on the Business Income of the Proprietorship Firm. Also the Benefit of Deductions is an Added Advantage to Proprietorship Firm.
Tax Benefits
Proprietorship Firm is Not Separate Legal Entity for Income Tax Purpose. The Slab Rate is Applicable on the Business Income of the Proprietorship Firm. Also the Benefit of Deductions is an Added Advantage to Proprietorship Firm.
Easy to Close
The Sole Proprietorship Firm is Very Easy to Close as There is No Legal Distinction Between Proprietor and Proprietorship Firm, No Such Regulatory Framework for Dissolution of Proprietorship Firm.
Easy to Close
The Sole Proprietorship Firm is Very Easy to Close as There is No Legal Distinction Between Proprietor and Proprietorship Firm, No Such Regulatory Framework for Dissolution of Proprietorship Firm.
Self Ownership
Single Person is the Owner of Own Decision. Proprietor Himself Manage the Business of the Firm, He Has No Impact of Any Other Partner or Person in the Business.
Self Ownership
Single Person is the Owner of Own Decision. Proprietor Himself Manage the Business of the Firm, He Has No Impact of Any Other Partner or Person in the Business.
Documents Required For Proprietorship Firm Registration
- Photograph.
- PAN card & Aadhar Card
- Proof of Identity: (Voter ID/Driving License/Passport).
- Proof of Address: (Bank Statement/Electricity Bill/Mobile Bill).
- Rent Agreement or Lease Deed or NOC of Registered office address.
- Electricity bill/Water Bill/Telephone Bill not older than 2 months.
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