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Formation of Properitorship Firm₹ On Enquiry

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Details

The formation of proprietorship firm is very simple and easy to manage because it is one man show who literally controls everything, from accounting, to employees, to compliance etc. There is no requirement for any agreements. The proprietor controls all the information outflow and by that keeps the business secrets safely and without any threat. The proprietor also gets to enjoy all the profits arise out of the business activity and there will no conflict arise because it is only one person. At the same time, the liability arising out of the business concern is unlimited and personal property can be attached in case of insolvency. Also the survival and longevity of the business depends entirely on the owner or proprietor and if he/she is ill or unable to manage or death will lead to uncertainty in the business operation and may ultimately run out business because of lack of clarity. Proprietorship is ideally suited for small business concerns with limited financial resources.

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