PROPRIETORSHIP FIRM

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Introdution Proprietorship Firm

A sole proprietorship is an unincorporated business that has just one owner who pays Personal Income tax on profits earned from the business. Many sole proprietors do business under their own names because creating a separate business or trade name isn’t necessary. If you want to start a one-owner business, the simplest and fastest way is through a sole proprietorship. Sole proprietorship begins when you begin conducting business. It doesn’t require filing federal or state forms and has few regulatory burdens, making it an ideal way for self-employed people to start out.

ADVANTAGES

Individual’s Investment

No Sharing Of Profit Or Loss

Ownership

Fewer Formalities

Unlimited Liabilities

Control Power

Registration process

Register as SME

You can get yourself registered as a Small and Medium Enterprise (SME) under the MSME Act. The application can be filed electronically. Although it isn’t compulsory to register as an SME, it is highly beneficial, especially at the time of taking a loan for the business. The Government runs various schemes for SMEs where loans are provided at the concessional rate of interest.

Shop and Establishment Act License

The Shops and Establishment Act License is required to be obtained according to the local laws. It is issued on the basis of the business and the number of employees. Generally, all sole proprietors who own a shop or establish a commercial establishment must obtain this license.

Yestoboss Fill Up Application Form