Proprietorship Firm Registration in Chennai

What is Sole Proprietorship Firm?
A proprietorship Firm is a easiest form of business entity in India. You may ask why it is easy to form. Its simply because there is no Government regulation to form a Proprietorship Firm as compared with a Private Limited Company or Partnership Firm. Sole Proprietorship is nothing but Single Ownership. Only one person controls the entire business. The Proprietor and the Proprietorship Firm are both considered as one single entity.

Features of Sole Proprietorship Firm:
1. Single owner controls the entire business
2. No much legal compliances.
3. Unlimited Liability on Proprietor
4. Both the Proprietor and the Firm are considered as a single entity

Benefits of Sole Proprietorship Firm
1. Decision making: The most primary advantage of a Proprietorship firm is that the easy decision making. As the single proprietors is the controlling authority of a business, there is no need for obtaining any approval from any BOD or partners.
2. Easy to form: As there is no legal requirement to form a Proprietorship, it is easy to get established. Even there is no big money is required to form a company
3. No restriction on Capital: The law doesn't insist on any minimum capital or not even restricts on maximum capital. So the proprietors can start his business with any capital that requires or suits his business.
4. Tax benefits: Unlike Private Limited or Partnership it is not flat 30% income tax to be paid. There is a slab. which he had mentioned in detailed below.

A.Arivazhagan
Le Intelligensia
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