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Proprietor Firm

Know about Proprietorship Firm in India

A proprietorship firm means the firm is no different than its proprietor, i.e, the owner. It is not a company so to say and it is not necessary for a proprietorship firm to be registered under Companies Act or Establishment Act.
As the sole proprietor of the firm, the first thing that has to be done is opening a current bank account in the firm’s name. The firm can be a service provider or a product provider and on the basis of their category they need the following documents to run their firm:

Benefits of Starting a Sole Proprietorship Firm

  • The owner has overall control and claims the ownership stake

  • Requires no minimum capital investment

  • The profit solely belongs to the proprietor

  • The tax assistances avert double taxation

  • The owner is accountable only to file an annual tax return and pay tax as an individual

  • No separate tax for the firm

Providing Services In

  • Proprietorship Firm Registration

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