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sole proprietorship firm

 

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What is sole Proprietorship?

Sole proprietorship is also known as sole trader, Individual entrepreneurship. Proprietorship is kind of entity that is Owned and managed and controlled by Individual person and has No legal distinction between owner and Entity. Sole Proprietorship which is oldest form of Business, And Its Most common of type of business due to its simplicity, ease of setup and its Nominal cost, Proprietorship firm just has to register name and secure local license.

Who is proprietor?

Entrepreneur who owns and operate the business is called proprietor of the firm. A proprietor is whole and sole responsible for decision of firm. Liabilities of the firm is considered as the liabilities of proprietor because proprietorship doesn’t has separate legal entity.

Documents required for entity to called has proprietorship form

Advantages of proprietorship firm

Proprietorship firm is easiest form of business and very easier to start. The best part of proprietorship is very less compliances. We don’t have to share our profits to anyone that we earned. Lesser taxation policy and Self decision making power. Privacy of our entity and proprietary firm which is not publically available.

Disadvantages of proprietorship firm

Proprietorship entity has unlimited liability against his proprietorship firms ends to his personal property. Limitation of management skill into his proprietorship entity though it has single decision maker. Limited scope of expansion due to lack of capital.

basic

MSME

GST

Rs.1000

Standard

MSME

GST

IEC Registration

RS.2497

Premium

MSME

GST

IEC Registration

Digital signature certificate

RS. 4996

Process