Proprietorship Registration in Jharkhand can be done by either making a Trade License or making a Shop and Establishment License. Both of these licenses are issued by local department based on pre verification of documents. We have a teal of local staffs and professionals are who are expert in dealing with local departments and have concerns in every department which makes it easy for us to apply for and obtain any local license. In Jharkhand we take a minimum of 7 day time to isse Trade License or Shop and Establishment License.
Shop and Establishment License issued is for lifetime validity till it is suspended or surrendered, while Trade License is subject to regular renewal and verification.
Any person desirous of starting a business on its own can start with Proprietorship Concern if the investment is small or he wants to fulfil minimum compliance. This type of business is a hassle free business without any additional compliance related liability. One can start business only by submitting his KYC documents. If an entrepreneur is looking to explore to explore his area of work then this is the type of business he needs to start from.
BENEFITS OF PROPRIETORSHIP FIRMS:
- Single Owner Concern, no involvement of outside party
- Minimum Registration Cost
- No Registration related Compliance
- Easy and faster registration
- Can be closed easily
DRAWBACKS OF PROPRIETORSHIP FIRMS:
- Not suited for high turnover business
- Limited Local recognition
- Switching into other business form shall lead to exhaustion of Brand Value
- Loss is borne only by the Owner and liability may extend to its personal property in case of loss
