[vc_row css=”.vc_custom_1587532982278{padding-top: 60px !important;}”][vc_column][amwal_section_title title=”Why Choose Proprietorship?” text_position=”center”][/amwal_section_title][/vc_column][/vc_row][vc_row css=”.vc_custom_1587533085164{padding-top: 20px !important;padding-bottom: 40px !important;}”][vc_column width=”1/4″ css=”.vc_custom_1481792125454{padding-top: 40px 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In this sort of business, there are no particular business charges paid by the organization. The proprietor pays burdens on pay from the business as a feature of their own personal duty installments.
Sole owners need to conform to authorizing necessities in the states in which they’re working together, just as nearby guidelines and zoning statutes. The desk work and conventions, in any case, are significantly not exactly those of partnerships, permitting sole owners to start a business rapidly and without hardly lifting a finger – from a bureaucratic outlook. It can likewise be less exorbitant to begin a business as a sole owner, which is appealing to numerous new entrepreneurs.
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Advantages
* A sole proprietor has complete control and decision-making power over the business.
* Sale or transfer can take place at the discretion of the sole proprietor.
* No corporate tax payments
* Minimal legal costs to forming a sole proprietorship
* Few formal business requirements
* Sole proprietor manages the business
* No need to file income tax return if total income is below 2,50,000/-
* No need to pay tax if income upto 7,00,000/- after deduction
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Disadvantages
* The sole proprietor of the business can be held personally liable for the debts and obligations of the business. Additionally, this risk extends to any liabilities incurred as a result of acts committed by employees of the company.
* All responsibilities and business decisions fall on the shoulders of the sole proprietor.
* Investors won’t usually invest in sole proprietorship.
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Why Onscharter
1K Companies Per Month
We execute legal work for over 1000 companies and LLPs every month, by leveraging our tech capabilities, and the expertise of our team of legal professionals. Come on board and experience the ease and convenience!
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Realistic Expectations
By handling all the paperwork, we ensure a seamless interactive process with the government. We provide clarity on the incorporation process to set realistic expectations.
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300-Strong Team
With a team of over 300 experienced business advisors and legal professionals, you are just a phone call away from the best in legal services.
[/vc_column_text][vc_empty_space height=”20px”][/vc_column][/vc_row][vc_row css=”.vc_custom_1587534174497{background-position: 0 0 !important;background-repeat: repeat !important;}”][vc_column width=”5/12″ bg_full_width=”yes” css=”.vc_custom_1480065050342{padding-top: 100px !important;padding-bottom: 100px !important;background-image: url(http://creative-wp.com/demos/amwal/wp-content/uploads/2016/11/home2-bg-contact.jpg?id=9429) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][amwal_section_title title=”Transforming a Sole Proprietorship into a Private Limited Company” light_skin=”true”]
All you need to do is go ahead and start a private limited company and submit an agreement between the sole proprietor and the private limited company, declaring that all the assets are to be transferred to the latter.
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