Magus can help you with registration of Sole Proprietorship Firm for you, as and when required, in a hassle-free manner within a reasonable time span and for competitive professional fee. To know more, please book a telephonic appointment with one of our consultants free of charge.
The liability of a sole proprietor is unlimited. As the govt. Does not differentiate between the Sole Proprietorship firm and a Sole Proprietor, the proprietor is personally liable for all the debts incurred by the Sole Proprietorship Firm.
As there is no difference between a Sole Proprietorship Firm and a Sole Proprietor in the eyes of Indian Law, the income tax is applicable as per the tax slab applicable to an Individual.
No, the Sole Proprietorship Firm cannot restrict any other person to use its business name, unless it gets its name registered under Trade Mark.
The proprietor can choose any business name as per his/her wish to create a Sole Proprietorship Firm. However, the business name should not be same as of a registered trade mark.
In India there is no mechanism for registration of a Proprietorship Firm. However, the proprietorship firm can be established through various registrations required to start and/ or operate a business in India as per the rules and regulations, i.e., GST Registration, Trade License, Food License, Aadhar Udyog etc.
A Sole Proprietorship Firm is very easy to form due to its minimal registration requirement and it requires only one person to incorporate.
Only one person is required to form a Sole Proprietorship Firm.