Proprietorship Firm

Sole proprietorship is a popular & suitable form of business. This firm owned controlled & managed by a individual.

Sole proprietorship firm is not required to publish Book of account. Sole proprietor has unlimited liability .i.e. A proprietor is personally responsible for debt payment.

There is minimal statutory compliance in sole proprietorship firm. Proprietor is required to file income tax return if total income from all sources exceeds the exemption limit.

Proprietorship firm may come into existence by getting PAN card  and 

1. A certificate from state or city municipal authority permitting proprietor to run his manufacturing  or trading  business. or

2. Professional licence/practicing certificate or

3. GST registration (if applicable) or IE Code if You are exportor. or

4. Shop & establishment registration or MSME registration.