Proprietorship Firm

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What is a  Proprietorship Firm

Most businesses in India start individually without other’s participation. An individual carrying out business activities is the sole proprietor and its business entity is said to be a Proprietorship Firm. The identity of an individual and the business are not different from each other. But due to the lower tax rate, flexibility and multiple advantages people prefer this structure for the early stage of business.
With the inclusion of partners, the control over operation reduces. Hence, these proprietors choose to run the business single-handedly and land upon sole proprietorship firm registration. Although there is no specific Act to regulate this organization, there are many ways to register a Sole Proprietorship firm. Small businesses aiming to take lower risks prefer this structure.

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Benefits of Proprietorship Firm Registration

You Are Your Own Boss

In a sole proprietorship, the proprietor has all the rights to decide what to do and how to operate. A proprietor neither needs to report someone nor take orders from anyone else. There is no interference from a third party. Unlike a corporate firm, there are minimal compliances or disclosure requirements during the whole financial year. Hence, Government interference is also very less.

You Own Whole Share Of Profit

The proprietor is only owner of the business and therefore he owns the whole share of the business profit. Also, the business assets are treated as assets of the proprietor and vice-versa. He can decide when to withdraw profit or to reserve.

Easy To Establish

It is relatively easy to establish and register the sole proprietorship business. There is no specific process to be followed to setup this business. Also the cost of sole proprietorship registration is very less compared to any other business structure. The business runs on the identity of the proprietor himself. He canrun any legal business in his own name or with a different legal name as brand.
Tax Benefits
Proprietorship business is not treated separately in for income tax purpose. The tax slab as specified for an individual’s income is only applicable to the income of the business. The rates of tax are lower compared to other business structure like company and partnership. The benefit of deductions is an added advantage with combined ITR for individual and the business.

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Establish Proprietorship in 3 Easy Steps

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Documents To Be Submitted

  1. PAN card of the proprietor
  2. Address proof of the proprietor
  3. Specimen signature
  4. Passport size photos of proprietor
  5. Personal monthly bank statements
  6. No objection certificate from the owner of the property of the property
  7. Ownership proof
  8. Rent agreement of your registered office

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Sambhaji Nagar
R.Nagar Pune
410505″ title=”Contact Details” phone=”9420700705″][/vc_column][/vc_row]