Simplest way of doing business is in the form of Proprietorship. You are the brand of the business. Each aspect of business depend on your personal relations and skills. from capital contribution to manpower, you are the source.
Features of Proprietorship business
- No Minimum Capital:
- Self Dependent:
- No Specific Registration Required:
- Lesser Income Tax:
Limitations of Proprietorship Business
- Unlimited Liability
- Limitation on Pooling of talents
How to start Proprietorship Business
For starting business in your individual capacity or proprietorship, all you need is a bank account. You can do transactions in saving account also but current account is preferred. Current Account is preferred mainly for two reasons. Bank Charges on transactions and bank account in your business name like “Gupta & Sons”.