How many number of persons required for incorporation of Proprietorship
Only one person is required for starting up the proprietorship firm, that person would be the sole owner of the firm.
Are proprietor and the proprietorship firm having separate legal entities?
No, the proprietorship firm and the proprietor are one and the same. The PAN Card of the proprietor will be the PAN Card of the proprietorship firm business. Therefore, no separate legal identity in case of sole proprietorship. The assets of the proprietorship business and the proprietor will also be same..
Is it Easy to close the proprietorship firm?
As the proprietor and the proprietorship are one and the identical, hence, there is no formality needed for closing a proprietorship firm. In most of the cases, via surrender of the GST certificate and close the current account leads to close a proprietorship.
Is name of firm secured after proprietorship registration?
No, the name of the firm is not secured after proprietorship registration and can be copied by anyone else. For this, proprietor has to apply the trademark registration after the firm’s registration.
Any Certificate of Incorporation is being issued after proprietorship registration?
Proprietorship firms do not have a certificate of incorporation. Only GST certificate and MSME certificate are being issued that denotes the firm has been registered.
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