PROPRIETORY CONCERN
Proprietory Concern
Starting a proprietary concern or proprietary firm is a simple process. There is no formal registration to be done. An Individual / sole trader (or one person firm) intending to do business or profession, can register the concern under Goods and Service Tax Act (GST), Profession Tax Act or Shops and Establishment act or Udyog Aadhar (MSME)
Can a business name be given for proprietary concern?
Yes, the business can be operated in the individual name or a formal name can be given to perform the business.
Can a Proprietorship business get separate PAN card in the name of the business
No, a proprietorship business doesnot have any seperate PAN card, the PAN of the proprietor itself needs to be quoted for all purposes like opening of bank account or on invoices etc. The income of the propetorship needs to be filed as the business income in the IT return of the proprietor