Proprietorship Registration Services
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AT K. M. Gatecha & Co. LLP excel at assisting our clients in formation and registration of a proprietary firm/company. The experts here not only take care of the entire process of formation and registration of the firm but also make sure that it is done efficiently and within the minimum time. We provide best Proprietorship Registration Services
Simple steps for Proprietorship Registration Services in ahmedabad-Best Proprietorship Registration Services in India
Proprietorship Registration Services in India
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.
- The documents required: –
- 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.
FAQS on Proprietorship Registration Services -Best Proprietorship Registration Services in ahmedabad
Any firm that is controlled, managed, and run by a single individual is classified as a sole proprietorship firm.
- There are numerous benefits of a sole proprietorship firm, such as.
- Ease of starting and running a business,
- No audits,
- Lesser number of laws.
- The proprietor must be an Indian citizen and Resident of India.
- NRIs and POIs can only invest in proprietorship firm after approval from Government of India.
No minimum capital is required to form and start a sole proprietorship firm.
- No, a sole proprietorship firm does not have a separate legal entity from its owner.
- Even the PAN card of the owner will be the PAN card of proprietorship firm.
The major difference between a proprietorship firm and One Person Company is that in case of a OPC the company has a different legal identity than the person and thus the legal liability of the owner in the company is limited to the company itself.
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