Proprietorship Registration Services

The entire process as illustrated below is completed within 7 to 14 days depending on the documents provided by client and processing time take by the Government: –

• Collection of Documents,

• • • The documents required: –
      • Aadhar card,
      • PAN card,
      • Bank Account,
      • Registered office proof,
      • Shop and Establishment Act License,
      • GST registration,
      • Registration as SME.

• Registration of firm with appropriate authorities and departments.

To understand the concept of proprietorship firm we provide our clients with completed knowledge of the concept so they can take an informed decision

What is a Proprietorship firm or company?

A proprietorship firm is defined as being a trader or a business managed by one person.

There is no differentiation between the firm and the person. So, the firm and owner are a single legal entity in eyes of the law.

As there is no differentiation between owner and firm, there is no incorporation of the firm.

There are not many laws that govern a sole proprietorship firm; therefore, it is the simplest way of doing business.

Benefits of a proprietorship firm: –

• Easy, economical, and quick formation and start of business,
  • Due to lesser number of laws and processes related to proprietary firms, the time and number of documents required to form the firm is less compared to other types of companies.
  • It is also economical to register a sole proprietorship firm.
• Less compliance,
  • The compliances required for a proprietorship firm, under the law, are lesser compared to other types of companies
• Easier to manage and form strategies,
  • As the business is owned by one person, it is easier to form strategies and the way the business is run is very straightforward.
• Easier Taxation laws and computation
  • As the owner and firm are not differentiated the tax on firm is same as for an individual.
  • Also, the income of business is calculated as personal income of the Individual itself.
• All other benefits such as: –
  • Undivided profits.
  • Completed ownership etc. also apply.
• No Audits required

The main disadvantage of a Sole proprietorship firm is shown in the definition of the firm itself.

“There is no differentiation between the firm and the person owning it.”

Thus, in the eyes of the law, all profits, losses, debts, and problems of the firm are sole responsibilities of the owner. It the firm incurs loss or debt or runs into any problems; the owner will have to cover for all of it on a personal level.