Proprietorship

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What Is Proprietorship Firm ?

Proprietorship Firm is also known as Sole Trader, is a type of enterprise that is owned and run by single person. It means, there is a no partner but sole-proprietor can keep employees for doing work of his business. In eyes of laws, there is no distinction between Sole Proprietorship Firm and Proprietor who in running business. In Proprietorship, the tax liability is on the owner, and tax is calculated as in the case of an individual.

The firm doesn’t have any legal existence, so if the firm gets registered it on Municipal Corporation then only it will be considered as some legal identity. Once it is registered in Municipal Corporation, they will issue a Shop & Establishment Certificate. This License/Certificate will be in name of proprietorship firm. It is advisable to get Shop & Establishment License as it will give some legal existence for your business. In the Proprietorship Firm the owner can maintain the secrecy of his business. All the decision of business can be taken only by the owner.

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Features Of One Person Company (OPC)

Status

Proprietorship firm is not a separate legal entity and hence it is not different from the owner of the firm. They both are treated as same. In Proprietorship, the tax liability is on the owner, and tax is calculated as in the case of an individual.

Financial Liability

As per the provision of law for Proprietorship Firm is unlimited. In the case of loss proprietor require to pay total amount of creditor, for the payment his personal assets can also be considered.

Investment Opportunity

In the proprietorship firm total investment done by proprietor only. Very few other options available for the finance if we compare with other entity like Company. Generally proprietorship Firms start with own investments only.

Document Required for Partnership Firm

  • Photos
  • Pan Card
  • Aadhar Card/Voting Card/Driving Licence/Passport
  • Utility Bill for Office
  • Rent Agreement/Purchase Deed/Tax Receipt/Maintenance Receipt
  • Landlord NOC

Frequently Ask Questions (Faqs)

What is sole proprietorship firm?

Ans: It’s a simple single person firm. Remember it’s not a company, it’s a best way to start a business in India with the less costing and less compliance. its need only just one person for the legal registration.

What are the advantages?

Ans: The advantages are as follows:
• less costing
• less compliances
• less income tax etc

REGISTRATION PROCESS

1) Name Confirmation

Like other entity for the registration of Proprietorship we do require to apply for the name confirmation. In the first stage we will explain you registration of firm, guide for how to manage it?, what is compliance? Etc.

2) DSC Application

In the second state we will collect all the require documents from you as per the requirement of approval authority. After that we will apply for the Certificate will all mandatory papers and documents.

3) Incorporation Form

After the application done usually we get approval from the respective authority within 1 week. If they have any query then they will raise the query for the additional documents..

How we help with Proprietorship Firm

TruFilings can easily register a Proprietorship Firm within 5-7 working days

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