Proprietors starting a small business by opening a current account in the name of their business with a government license.
Best foot forward for small businesses that prefer low risk and want to minimize starting-up costs.
Proprietorship is the simplest form of organization. The Proprietor can start his/her enterprise after obtaining license and permits. There is no need to go through the legal formalities.
The owner, i.e. the proprietor is free to make all decisions and reap all the fruits of his labour. There is no other person who can interfere or weigh him down.
The whole business is handled by the proprietor himself and, as such, the business secrets are known to him only. The proprietor is not bound to reveal or publish his accounts.
As compared to other forms of ownership, the proprietor’s Income is taxed only once while corporate income is, at occasions taxed twice.
As there are no co-owners or partners, there is no scope for the difference of opinion in the case the proprietor/entrepreneur wants to dissolve the business.
established in 2016, Developing a broader, more holistic, startup-centered approach that focuses on facilitating ease of setting up business in India.