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What is Sole Proprietorship Firm?
A proprietorship Firm is a easiest form of business entity in India. You may ask why it is easy to form. Its simply because there is no Government regulation to form a Proprietorship Firm as compared with a Private Limited Company or Partnership Firm. Sole Proprietorship is nothing but Single Ownership. Only one person controls the entire business. The Proprietor and the Proprietorship Firm are both considered as one single entity.
Features of Sole Proprietorship Firm:
1. Single owner controls the entire business
2. No much legal compliances.
3. Unlimited Liability on Proprietor
4. Both the Proprietor and the Firm are considered as a single entity
Benefits of Sole Proprietorship Firm
1. Decision making: The most primary advantage of a Proprietorship firm is that the easy decision making. As the single proprietors is the controlling authority of a business, there is no need for obtaining any approval from any BOD or partners.
2. Easy to form: As there is no legal requirement to form a Proprietorship, it is easy to get established. Even there is no big money is required to form a company
3. No restriction on Capital: The law doesn't insist on any minimum capital or not even restricts on maximum capital. So the proprietors can start his business with any capital that requires or suits his business.
4. Tax benefits: Unlike Private Limited or Partnership it is not flat 30% income tax to be paid. There is a slab. which he had mentioned in detailed below.
A private limited company is a company which is privately held for small businesses. The liability of the members of a Private Limited Company is limited to the amount of shares respectively held by them.Shares of Private Limited Company cannot be publically traded. Alll the aspects of Private Limited Company is discussed in the article.
Characteristics of Private Limited Company
Members- To start a company, a minimum number of 2 members are required and a maximum number of 200 members as per the provisions of the Companies Act, 2013.
Limited Liability- The liability of each member or shareholder is limited. It means that if a company faces loss under any circumstances then its shareholders are liable to sell their own assets for payment. The personal, individual assets of the shareholders are not at risk.
Perpetual succession- The company keeps on existing in the eyes of law even in the case of death, insolvency, the bankruptcy of any of its members. This leads to the perpetual succession of the company. The life of the company keeps on existing forever.
Index of members- A private company has a privilege over the public company as it don’t have to keep an index of its members whereas the public company is required to maintain an index of its members.
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