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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
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The owner has overall control and claims the ownership stake
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Requires no minimum capital investment
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The profit solely belongs to the proprietor
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The tax assistances avert double taxation
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The owner is accountable only to file an annual tax return and pay tax as an individual
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No separate tax for the firm
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Proprietorship Firm Registration
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