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Proprietorship firms are the simplest type of business firms, where the responsibility of the operations lies solely on the shoulders of the owner. If you have a small capital, then this is the most cost-effective way of business. This plan is suitable for everyone who wants to run a small business.
Prices may differ according to your capital during the incorporation. The applicable price shall be informed to you by our tax expert during consultancy.
A proprietorship firm is a business that is solely owned and run by the individual. The owner and business are treated as the same. Proprietor is the person who is solely responsible for the business debts, proprietor’s personal property may also be used to pay the debts. The proprietorships are not regulated by any specific act, therefore there is no registration.
TAN is the tax deduction and collection number, it is required if you have deducted the tax at source on the behalf of the Income Tax Department. Not every proprietor is required to have TAN.
Each and every state in India has certain rules and regulations with regard to conditions of the work. The objective of this act is to secure uniform benefits for employees working in different establishment like shops, commercial establishments and residential hotels, restaurants, theatres and other places of public amusement or entertainment etc.
Every shop and establishment needs to register itself compulsorily under this Act within 30 days of commencement of work. As this is such a basic license, many other licenses require this as proof of a commercial business. For example, most banks will require you to furnish it if you want to open a current account.
Under the Shop and Establishment Act, every business has to seek approval from Department of Labour and keep up-to-date registers regarding details of employment, fines, deductions and advances, salary and holidays. The requirements may vary from state to state. Files related to annual holidays and number of employees need to be submitted to the office of the Municipal Corporation annually.
Excellent team and services
I liked the response time of the team. They are great. Will surely use their services for the next return as well. As far as the app goes, I think it is simple but clean. Great job guys!
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