Trademarksinn.com:We are Sole Proprietorship Company Registration Consultants in HSR Layout
For a proprietorship firm, there is no separate registration required. Moreover, there is no procedure for obtaining name approval (as in the case of companies). You would have to just open a bank account with the firm name. But in case your business is liable for VAT and / or Service Tax registration, then you must obtain VAT and / or Service Tax registration. Further, for a sole proprietorship firm, no separate income tax PAN is required. The PAN of the proprietor will be the PAN of the firm and proprietor will have to file income tax return in his personal name.
A Self-Owned Business can be register with any business name, provided its legal. There is nothing as proprietorship registration on paper; but it can be recognised as an unorganised business structure under the various departments based on the business set-up and category.
If you want to start a new online or offline business, sole proprietorship firm is the best option for you. its a very simple business formation for small entrepreneurs who want to test their ideas or start with small capital with low cost of formation.
Key Features of Proprietorship Firm
a). 1 Person Required as Single Entrepreneur.
b). Single Owner of the Business.
c). Easy to Start and Easy to Close.
d). Complete Control.
e). Lower Cost of Formation and Compliance.
Disadvantages of Proprietorship Firm
1. Lack of Resources.
2. Unlimited Liability.
3. Lack of Credibility.
4. Can not raise funds easily.
5. Can not add Partners.