PROPRIETORSHIP
A proprietorship company, also known as a sole proprietorship, is a type of business structure that is owned and operated by a single person.
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What is a Proprietorship Company?
A proprietorship company, also known as a sole proprietorship, is a type of business structure that is owned and operated by a single person. This person is known as the proprietor or owner of the company. In this type of company, the proprietor is responsible for all aspects of the business, including finances, management, and decision-making.
Proprietorship companies are commonly found in small businesses and are the easiest and most inexpensive form of business to set up. This is because there are few legal formalities required for the establishment of a proprietorship company.
One key characteristic of a proprietorship company is that the owner has unlimited liability. This means that if the company runs into financial difficulties, the owner’s personal assets may be used to settle the company’s debts. This is in contrast to other types of companies where the shareholders’ liability is limited to the amount of money they have invested in the company.
Document Required For Proprietorship
You can’t file your income tax return until you get a PAN. So if you don’t have a PAN number, apply for it at the earliest. PAN card can be applied online and it costs Rs. 110, approximately. For applying, you need a scanned photograph, identity proof, and address proof.
Aadhar Card number is now a necessity for applying for any registration in India. Also, the income tax return can only be filed if the person has linked his PAN card with the Aadhaar number. After applying for an Aadhar Card, a hard copy of the same is received at the registered address in around 15-20 days.
The answer To can proprietorship firm have pan is pan card for sole proprietorship firm is not required or is not mandatory as In case of Other Business entity In India. you can use Pan card in Your name as a pan card for proprietorship firm.
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The business address proof is a necessary document for the registration of a sole proprietorship in India. It is necessary for several legal and regulatory reasons and verifies the company’s address.
Benefits of Proprietorship Firm
Let’s take a closer look at the benefits of Private Limited Company registration in India :
Minimal Compliance:
A Proprietorship firm has very minimal compliance requirements which makes it a much more preferable option than one person company.
Easy to Start:
Sole Proprietorship is not governed by any law and does not require any mandatory registration. hence, it is the easiest way of starting a business entity.
Lower cost:
As there are minimal compliances, there is no need to hire an auditor for meeting the legal compliance requirements.
Complete control:
As a proprietorship firm is owned by a single person, he has the complete control over the business decisions and there are no interventions of any kind.
Frequently Asked Questions
If you are still thinking about opting for GSTBOY.COM for your loved ones, you can always check out the common queries about our service and support.
Any Indian Citizen and a Resident of India
Yes, you are personally liable for your sole proprietorship.
In the eye of tax laws, you and your proprietorship are the same entity
It is cheapest business type than other business formations. It is least complex to form and not much law compliances