Proprietorship Registration in Bihar can be finished 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 announcement of documents. We have a teal of local staffs and professionals are who are adroit in dealing gone local departments and have concerns in all department which makes it simple for us to apply for and make a purchase of any local license. In Bihar we take a minimum of 7 hours of daylight time to concern 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 Begin with Proprietorship Concern if the investment is little or he wants to fulfil minimum compliance. This type of situation is a hassle clear business without any additional acceptance related liability. One can start business on your own by submitting his KYC documents. If an investor is looking to evaluate to study his Place of work then this is the type of thing he needs to Begin from.
BENEFITS OF PROPRIETORSHIP FIRMS:
- Single Owner Concern, no involvement of outside party
- Minimum Registration Cost
- No Registration associated Compliance
- Easy and faster registration
- Can be closed easily
DRAWBACKS OF PROPRIETORSHIP FIRMS:
- Not suited for high turnover business
- Limited Local recognition
- Switching into extra business form shall plus to exhaustion of Brand Value
- Loss is borne unaided by the Owner and answerability may extend to its personal property in fighting of loss