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anand das (service)     09 January 2010

proprietory firm

what is a proprietory firm?

Does it need a registration ?

Does it have a legal identity?

which act explains about propriatory firm?

thanks



Learning

 3 Replies

PJANARDHANA REDDY (ADVOCATE & DIRECTOR)     09 January 2010

 what is a proprietory firm?=the firm run by an individual under single entity. 

Does it need a registration ?= if it is registered firm,it can be in a position to sue or to be sued legally.

Does it have a legal identity?= ABOVE IS THE ANSWER

which act explains about propriatory firm?=INCOMETAX and other all acts like contract act,T.P ACTS ETC., NO BAR HE/THE FIRM HAS TO FOLLOW LAW OF LAND 

1 Like

Santosh Sharda (self)     09 January 2010

I beg to differ in respect of registration. There is nothing like registration of a proprietorship firm.  If you mean under VAT etc, that is a different issue.

A proprietorship firm does not have a separate legal identity. The identity of the firm and the proprietor is the same. In fact cheques issued in favour of the proprietor can also be deposited in the proprietorship firm's bank account.

For taxation purposes also it is not dealt differently. Its income is clubbed with the proprietor's other income.

1 Like

Dirgesh kumar sharma (Advocate)     09 January 2010

Hi

Propritor Firm Ragistration center is DIC  District Industrial Center OR Jila Vayapar and Udyog Center. any one State Govt. concern.

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