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Proprietorship is a type of business entity, that is managed, controlled or run by one person. They are the most common form of business in India. It is quite easy to start a proprietorship, as it requires minimal regulatory compliances. The annual compliances of a sole proprietorship firm involves, the complete holding of your annual requirements. At All India ITR we will provide you full assistance about, how to draft a contract, appoint an auditor, legal agreements and other secretarial services.
Prices may differ according to your annual sales/ turnover. You will be intimated about the price applicable to you by our tax experts, during the time of consultancy.
Every Proprietorship .
There is no capital limit as such to start a Proprietorship. That’s the reason why, you can start a Proprietorship with any capital amount.
Proprietorship firms are controlled and managed by a single person and therefore they can issue shares or have investors.
Proprietorship firms do not necessarily prepare audited financial statements each year. However, a tax audit may be required when the businesses have annual turnover of more than Rs. 1 Crore, those who provide profession services under their proprietorship are supposed to get their accounts audited if their annual turnover is more than Rs. 50 Lakhs.
No, the Proprietorship firm and the Proprietor have same legal identity. The PAN Card of the Proprietor will be the PAN Card of the Proprietorship. Moreover, there will be no separate legal identity for the business. The assets and liabilities of the Proprietorship and the Proprietor will also be the same.
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