If you are thinking of register a proprietorship then we can help you and it is a great idea for any start-up to start their new business with a proprietorship.
A proprietorship is a form of business professional association run by a person.In this, the person himself invests the necessary capital business, he manages and operate it himself. It is the most common form of business in India, which is used by small businesses working in unorganized sectors.In proprietorship, there is no legal difference between the owner and the business entities. In this, a person can choose any business as per his wish and can change it without any difficulty when necessary.Proprietorship provides both economic and social benefits. Because of which this business has become very popular in India
In Sole proprietorship, the owner is the officer himself. All the loans and profits of the business are owned by the owner.Sole trading has only one person’s capital, no other person’s participation, but it can get necessary finance in the form of loan from other persons.There is no restriction on obtaining loan from other persons.Sole entrepreneur does not need any external motivation to work, he is always motivate by this that whatever benefit will be there, he will go in his pocket. Inspired by this idea, he keeps busy in business activities
This concept of professional association indicates the ownership of the merchant. Solitary businessman can seek help from other people in his business, appoint an employee,But the final responsibility lies with the sole proprietors.It is very easy to establish a sole proprietorship because in it is not necessary to fulfill any kind of legal formalities. But if a business has government restrictions then license may have to be taken. The sole proprietorship is a small and limited area with less number of customers.Hence a sole proprietor has close contact with their customers.The advantage of this is that the problems of customers can be overcome with vigor.A sole proprietorship does not only serve its owner, but it also provide support the whole society in terms of social and economic benefits.In a developing country like India where there is more economic inequality and regional imbalance, the importance of such a business becomes even more.