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Proprietorship Firm Registration
It is the simplest form of business which is run by a single person.
It does not have a separate legal entity which means that the sole proprietor is solely responsible for all the debts of the business.
The major benefit of setting up a sole proprietorship is its simplicity and ease of setup. It has to comply with the least compliance as compared with that of a private or public limited company. It does not need to conduct meetings or observe voting for passing resolutions like other complex business forms.
A proprietorship business need not take separate registration as a legal entity. It functions with the same PAN number as that of its Proprietor.
Want to register your own business? Contact us now to know what the mandatory steps to be taken for registration are.
Advantages of a Proprietorship business:
- Ease of formation
- Ease of operation
- Sole beneficiary of profits
- Less compliance and taxation benfits
- Privacy maintained
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