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Proprietorship

It is an unincorporated business owned by a single person who is responsible for its assets and liabilities and entitled to earned profits and enjoying the benefit of business environment.

Features of Proprietorship:

One man ownership and control
No much legal formalities
Own Capital contribution
Unlimited liability
No separate entity for the business and personal
Non Profit sharing
Complete secrecy

Benefits of Proprietorship:

Easiest and least expensive form of ownership to organize
Sole proprietors are in complete control, and within the parameters of the law, may make decisions as they see fit.
Sole proprietors receive all income generated by the business to keep or plough back to earn.
Profits from the business flow-through directly to the owner's personal tax return.
The business is easy to dissolve, if desired

Limitations of Proprietorship:

Sole proprietors have unlimited liability and are legally responsible for all debtagainst the business. Their business and personal assets are at risk according to the risk of the business.
Has a disadvantage in raising funds and are often limited to using funds from personal savings or consumer loans.
May have a hard time attracting high-caliber employees, or those that are motivated by the opportunity to own a part of the business.

Suitability:

A sole proprietorship form of business organization is suitable to the following types of business houses where:

The capital requirement is very small.
The goods are of artistic and personal requirements
There is transfer of personal services
Computer services
Business necessitating spirit of co-operation

Procedure for Commencement of Proprietorship:

Decide on a business name for your sole proprietorship.
Search availability of your sole proprietorship's chosen business name, and for similarity to existing names
Register your sole proprietorship's name
Application for PAN/Bank Account

A sole proprietorship offers the least amount of complication in terms of start-up requirements for the different business organizations (i.e. corporation, partnership, etc.)

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