Proprietorship is the simplest form of business that is owned, managed and controlled by one person. This form of business is most suitable for very small size of business in unorganized sector. Proprietorship business take very less time to start and further compliance in case of proprietorship business is very less.
A proprietor secures the capital, establishes and operates the business, assumes all the risks, hence accepts all the profits and losses, and pays all the taxes. This is simplest form of business that is owned, managed and controlled by one person. Proprietorship business has no separate legal entity. All income, expenses, assets and liabilities of proprietorship business is that of proprietor/owner. This form of business is most suitable for very small size of business in unorganized sector.There is no separate pan card needed in the name of the business, the pan card of proprietor is also considered as the pan card of the firm. There is no minimum capital requirement to start a proprietorship business. Limitation of this kind of business is that personal assets of owner/ proprietor of business is exposed to losses and liabilities of the business. Further, Transparency in case of proprietorship concern is very less, hence big corporate houses do not prefer to do business with proprietorship businesses. Expert Advisorz can help you start your proprietorship business in a hassle free manner. We at Expert Advisorz provide following services to our Proprietorship client.
1. Advisory on Starting a Business: –We understand that setting up business in India is a challenging and time consuming task.We at Expert Advisorz perform detailed analysis of legal and regulatory requirement applicable to the client and suggest, plan and implement entry strategy.
2. Selection of Name:-There is no need to register a proprietorship firm in India. However, the name of firm should be cross-checked with the trademark registry to avoid any infringement or passing off the others Trademark or brand name. We at Expert Advisorz perform a preliminary check to avoid any such situation.
3. Shops & Establishment Registration:-Every shop or commercial establishment is required to get itself registered with the labor department of the state government. The application for registration must be filed within 30 days of starting a business in India. We at Expert Advisorz help your business get this registration.
4. Open a bank Account:- To transact the business, a proprietorship concern must open a current account in the name of the proprietorship firm. However due to complex regulatory requirement it often become a tedious task to open a bank account. We at Expert Advisorz Assist our clients in opening their bank account.
5. MSME Registration:- MSME is priority sector for Government of India, Government of India offers various scheme and benefits to MSME’s. Further banks also offers priority loan at low rate of interest to these units. To avail these benefits, one should be registered as MSME unit. We at Expert Advisorz help our client to get registered as MSME Unit and advises them on benefits they can avail out of this scheme.
6. Professional Tax Registration:- Professional Tax is a tax which is levied by some state on the income earned by professionals and salaried employees. Expert Advisorz help you obtain professional tax registration.
7. GST Registration:- GST is a tax on goods and services, every person who supplies any goods or service has to get registered under GST. We at Expert Advisorz help you obtain GST Registration.
8. Trademark Registration:- In today’s competitive and dynamic business environment every business spends millions of rupees and number of years in creating a brand Still, some of them fails to get it registered with IPR authority and thus loses the brand. We at Expert Advisorz help our client right from applying trademark registration to final approval of the same.
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