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A Sole proprietorship is an entity, which is owned, managed and controlled by a single owner. It is one of the most common form of business in India, used by small entrepreneurs operating in the unorganized sectors. In proprietorship, the owner is the sole decision-maker, responsible for all aspects of the business, including its debts and liabilities.
Proprietorships are usually small businesses that are easy and inexpensive to set up, as they do not require formal registration with the government or the creation of any legal documents. The owner can operate under their own name or choose a trade name for the business.
No, Unlike Partnership, LLP and Pvt Ltd Company you can not transfer your proprietorship to someone. Only assets and liabilities can be sold to other business but proprietorship can not be transferred as a whole.
No, A proprietor can not issue share or certificate to someone who invest in their proprietorship. You will have to consider as a Loan and not investment. Proprietorship is run by a single person so there is no law which prescribes to issue shares or something to investor. Click Here
Yes, You can transfer your proprietorship in to LLP or Company as prescribed by Companies Act or LLP Act. You will have to follow the process for converting your business in to a LLP or Company through Registrar of Companies.
No, There is no law which precribes the compulsory Audit for proprietorship.
No, There is no department which issue Proprietorship Certificate. Proprietorship is not a separate entity which is registered instead it is a extension of it's proprietor. Proprietorship is registerd in some other laws like GST, MSME, IEC and they issue the certificate of their own
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