Who can start a proprietorship firm for business?
A sole proprietor controls a sole proprietorship. Proprietorship enterprises are an option for those with a little capital investment who want to start a business.
In how many days can I set up a proprietorship firm?
Within 3-4 working days, you can establish your business as a sole proprietorship.
Does a proprietorship firm need an audit?
In the case of sole proprietorship firms, an audit of accounts is required only if the turnover reaches Rs. 50 lakhs/Rs. 1 crore.
Is it mandatory to register for the GST of proprietorship firm?
If a sole proprietor has a revenue of less than Rs. 20 Lakhs/40 Lakhs, he is exempt from registering for and collecting GST.
What is the minimum capital requirement to establish a sole proprietorship business?
There is no minimum capital needed to start a business as a sole proprietorship.
Can I register a brand name for my sole proprietorship firm?
If you want clients to find you, talk about you, and promote you, you need a business name that defines your company.
Can other people invest in my proprietorship firm?
If you attract investors to your sole proprietorship, your proprietorship firm will automatically become a general partnership.
What are the annual compliance requirements for Sole proprietorship firms?
A sole proprietorship is known for having less compliance requirements. However, in some cases, you must present the following documents.
● Income tax Return should be filed annually
● GST Return (if applicable)
● Income Tax audit (if applicable)
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