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Ravi Kumar (Lawyer)     19 March 2010

proprietorship

I just want to know that wheather a person can be proprietor in more than one business..? Meaning thereby that How can one person sell the goods to himself & buy from himself?



 3 Replies

Vineet (Director)     19 March 2010

One person can be propreitor of as many businesses as he desires to be.

 

Purchasing and selling goods within concerns owned by a single person are nothing but circular transactions normally adopted by unscruplous persons to jack up the turnover or stock. However it is a bad idea financially as it results in notional profits.

Ravi Kumar (Lawyer)     19 March 2010

Thanks for the reply

Arunava (Proprietor)     20 March 2010

If i am a proprietor of two business firm what amount of VAT i need to pay either in seperate sales of the consicutive firms or in combined form


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