Benefits of Proprietorship
Easy to Start
The proprietorship is the simplest form of organisation. It can commence operations on obtaining requisite license and permits.
The owner, i.e. the proprietor is free to make all decisions as this is the only format which is a single person ownership. No profit sharing, secrecy, and easy dissolution are some of the obvious advantages.
With minimal statutory compliance requirements operating a Proprietorship is relatively inexpensive. Only the proprietor has to pay Income Tax and the firm is not taxed separately and this reduces the tax liability considerably.
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