Proprietorship businesses are widely adopted in India, particularly by aspiring entrepreneurs, due to their simplicity and reduced legal requirements. In this structure, a single individual owns, manages, and oversees the business, requiring lower capital investment. Annual compliance for proprietorship entities typically involves the submission of the company's annual financial statement, as well as the proprietor's GST and Income Tax returns. If the proprietor is registered for GST, monthly GST returns are also mandatory. Neglecting these responsibilities may result in penalties.
Sujata Associates is a prominent Company Registration firm based in Kolkata, serving clients across the country. Our services include comprehensive Annual Compliance support for various businesses, including proprietorships. Choose us as your legal partner for seamless business operations, free from legal complications. We handle registrations, draft legal agreements, and perform audits on your behalf. Reach out to a consultant at Sujata Associates to receive a complimentary estimate for your Proprietorship Company's Annual Compliance needs.
Proprietorship firms are needed to maintain compliance like LLPs and Companies registered all across India.
Proprietorship firm compliance basically includes filing of the income tax return. Proprietorship can be started with a minimum amount of capital.
