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Sole proprietorship means a business in which you are the single owner, and there is no involvement of any other person.
WHAT IS PROPRIETORSHIP FIRM?
The meaning of “SOLE” is single. And sole proprietorship is run by a single person only. All the responsibilities and liabilities lies with the only member. As another form of businesses, a sole proprietorship firm is also a form of business, but it doesn’t have any separate identity. This business is the simplest way to start the business, and it is the most common form of business in India. All the certificates shall be issued on the name of the owner of the business only so that he would be responsible for all the liabilities. All the profit of the business shall be considered as the income of the proprietor. Similarly, all the debts and loss occurred in the proprietorship will be considered as the proprietor debt and loss, and he shall be personally liable for every debt and loss of the business. Examples of the sole proprietorship are; chemist shop, doctor’s clinic, local grocery shops, beauty parlour, etc. all these businesses run under sole proprietorship firm. A proprietorship is a preferable business in India as there are very fewer government compliances which the proprietor needs to follow like filing of ITR or GST return and such other rules as per their form of business. There is no flat tax rate concept as the proprietorship firm is not having any legal identity. Therefore, member and proprietorship firm is treated as one, and that is why there is a slab rate concept, and the member has to pay income tax as per the slab rate applicable to him. There are certain certificates which are sufficient for starting the business.
The government provides some registration by which the member can run his business legally. The different form of registrations which are available for proprietorship are:
- GST Registration
- MSME Registration
- Trade Licence
- Shop & Establishment Registration
- Other registrations.
We help you to get all these certificates to start your proprietorship all you need to do, is to provide us with all the required documents and information related to your business and we will apply for your certificate as per your requirement.
What Do You Get In Proprietorship Firm Registration
Prices may vary with the type of registration you choose. You have the option to choose from various registration to register your Proprietorship Firm. Our team of experts will be more than happy to assist you with the best suitable option.
Documents Required For Proprietorship Firm Registration
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