proprietorship firm

The key characteristics include single ownership, unlimited liability, no separate legal entity, and complete profit retention, meaning the owner keeps all profits.

Advantages include easy setup, minimal legal formalities, complete control over business decisions, and all profits belonging to the owner.

Disadvantages include unlimited liability, limited ability to raise capital, and no continuity, as the business is tied to the owner’s life.

To register, obtain a PAN card, open a business bank account, register under GST if applicable, and acquire necessary licenses.

Yes, a proprietorship firm is subject to income tax. The income generated is treated as the personal income of the proprietor.

Raising funds can be challenging due to its structure. Options are limited to personal savings, loans, or investments from family and friends.

A proprietorship firm is owned by one person, while a partnership involves two or more individuals sharing ownership and liabilities.

Yes, a proprietorship firm can be converted into a private limited company by following specific legal procedures.

You'll need a PAN card, proof of address, a business bank account, and any specific licenses required for your industry.