Many entrepreneurs across India have Sole Proprietorship Registration. It is popular because of its easy registration procedure and several other reasons. However, it is also a major question for entrepreneurs Can Proprietorship Firm have Multiple Business? so In this article, you will get to know if Proprietorship Firm have Multiple Business.
Furthermore, many business people as sole proprietors do not want to miss any business opportunity. Or proprietors already having sole proprietorship registration want to expand their business and need to know the answer for the same question.
What is Sole Proprietorship Registration?
Any business before commencement needs to have legal registration in India. It is also known as Online Company Registration or Company Formation.
Legally forming a company allows businesses to avail benefits from the government and get recognition in the market.
Furthermore, Company Formation or Online Company Registration allows a team of entrepreneurs to work together.
However, there is also a registration available for small business people. It is known as Sole Proprietorship Registration.
A sole proprietorship registration is a simple registration for one-person business operations. In other words, sole-proprietorship sole stands for single and proprietor stands for the owner.
Hence, in sole-proprietorship registration, you become the sole owner of the business. You become liable for business responsibility and also enjoy the profits all along.
Can Proprietorship Firm have Multiple Businesses?
Yes, Proprietorship Firms can generally have Multiple Businesses. There are no restrictions on the number of businesses you can operate as sole-proprietors.
You will also need to mention the income from all the multiple businesses in your ITR Filing. Hence, You can also have multiple businesses under the same name in Sole-Proprietorship Registration.
Important Note: You should consult an expert to understand whether proprietorship firms have multiple businesses because some businesses such as Franchise Business in India can be done if you have a business entity other than a Sole Proprietorship Firm. Thus, you need is LLP Company Registration or a Private limited company registration for certain businesses.
As we can see, Proprietorship Firm have Multiple Business. Thus, it offers you several benefits.
Advantages of Sole Proprietorship Registration
- Easy to form and can be applied online through our web portal.
- Minimal Document Requirement.
- No complex legal formalities.
- No need to wait for a longer duration to kickstart your business.
- Easy to wind up.
- You get independent control and there is no corporate tax liability.
- Compliances are also less.
- You earn all the profits and no one else can interfere in your business decisions.
- You get to keep your business information confidential and with yourself. Furthermore, you can have quick decisions.
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