Proprietorship Company

Proprietorship Company

A Business which is owned and operated by one person taking care of the complete asset and the liability of the firm is known as Proprietorship Company. Start your Firm anywhere in India with minimum compliance. The Proprietorship company cannot have any partners or investors or shareholders in the company. If you are Looking to start the company with a minimum of 3 to 5 employees Proprietorship Company is the right option for you.

Proprietor and the GST Registration

The Proprietor is the person who is the owner of the Proprietorship Business. The GST is always registered using the PAN CARD & the AADHAAR CARD of the Proprietor. The Complete Liability or the Profit of the Proprietorship firm is owned by theProprietor. The Business Owner and the Proprietorship Firm are considered same in all the legal and official documents.

Documents Required to Register the Proprietorship Company

PAN Card

PAN Card

The Licence to require the Proprietorship/Shops and Establishment Certificate differs according to the different states.

Benefits of the Proprietorship Firm

  • Certain Registrations are required with less compliance to operate the Proprietorship Firm. The Registration varies according to the different states
  • This Firm can be operated without any Business Partners. All the Profits can be taken by the owner of the Firm.
  • Any Business Decisions and Approvals can be directly taken by the owner of the Company.
  • The Proprietor has the complete control over the assets, profits, revenue Etc.

Disadvantages of the Proprietorship Company

  • Raising Funds would be very difficult or not possible in Proprietorship firm as only one person is the complete owner of the firm.
  • If the Proprietor is unable to pay back the loans the Proprietors properties and the assets can be attached to close the loans.
  • This Kind of the Proprietorship business can be dissolved in case of the death or disability of the Business Owner.

Compliances for the Proprietorship Company

  • The Personal Income Tax must be filed using the ITR-3 or ITR-4 Form.
  • If the Proprietor has GST, GST Filings must be done in month-on-month basis.
  • TDS must be deducted on the quarterly basis based on the threshold purchase.

Are you Looking to Register your Proprietorship Firm? Connect with ACOUNTIER.

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