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What Is a Sole Proprietorship A sole proprietorship is a simple type of business structure that is owned and operated by the same person. It does not involve many of the complex filing requirements associated with other types of business. Sole proprietorship allow persons to report business income and expenses on their individual tax returns. Sole proprietorships are attractive to small investors because they are relatively easy to start up. Also, the owner is entitled to all the profit. On the other hand, sole proprietorships can be risky because there is no separation between the owner and the business. In other words, the owner remains personally liable for any losses or debts that the sole proprietorship incurs. They can also be held legally responsible for violations committed by the business or its employees. Advantages Ease of Formation Starting a sole proprietorship is much less complicated and also much cheaper. Tax benefits The owner of a sole proprietorship is not required to file a separate business tax report. Employment Sole proprietorship can hire employees. Decision making Control over all business decisions remains in the hands of the owner. Disadvantages Liability The business owner will be held directly responsible for any losses, debts, or violations coming from the business. Taxes While there are many tax benefits to sole proprietorship, a main drawback is that the owner must pay self-employment taxes. Also, some tax benefits may not be deductible, such as health insurance premiums for employees. Business Continuity The business does not continue if the owner becomes deceased or incapacitated, since they are treated as one and the same. Upon the owner’s death, the business is liquidated and becomes part of the owner’s personal estate, to be distributed to beneficiaries. This can result in heavy tax consequences on beneficiaries due to inheritance taxes and estate taxes. Raising capital Since the initial funds are usually provided by the owner, it can be difficult to generate capital. Start your proprietorship Firm with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
Benefits and Advantages of Proprietorship Firm for Startups What Is a Sole Proprietorship? A sole proprietorship is a simple type of business structure that is owned and operated by the same person. It does not involve many of the complex filing requirements associated with other types of business. Sole proprietorship allow persons to report business income and expenses on their individual tax returns. Sole proprietorships are attractive to small investors because they are relatively easy to start up. Also, the owner is entitled to all the profit. On the other hand, sole proprietorships can be risky because there is no separation between the owner and the business. In other words, the owner remains personally liable for any losses or debts that the sole proprietorship incurs. They can also be held legally responsible for violations committed by the business or its employees. Advantages Ease of Formation: Starting a sole proprietorship is much less complicated and also much cheaper. Tax benefits: The owner of a sole proprietorship is not required to file a separate business tax report. Employment: Sole proprietorship can hire employees. Decision making: Control over all business decisions remains in the hands of the owner. Disadvantages Liability: The business owner will be held directly responsible for any losses, debts, or violations coming from the business. Taxes: While there are many tax benefits to sole proprietorship, a main drawback is that the owner must pay self-employment taxes. Also, some tax benefits may not be deductible, such as health insurance premiums for employees. Business Continuity: The business does not continue if the owner becomes deceased or incapacitated, since they are treated as one and the same. Upon the owner’s death, the business is liquidated and becomes part of the owner’s personal estate, to be distributed to beneficiaries. This can result in heavy tax consequences on beneficiaries due to inheritance taxes and estate taxes. Raising capital: Since the initial funds are usually provided by the owner, it can be difficult to generate capital. Start your proprietorship Firm with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
1. Get detailed working for #Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date. 2. Allocate your closing stock into quantative mode. 3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compare them with your books. 4. Rectify #Mismatch Reports of Purchases, if it exists. 5. #Revise your #VAT Returns if point no.4 applies to you. 6. Make strict follow-up to collect all the C forms/H Form/ I form. 7. Get your #Books Finalise for FY 2016-17 at the earliest. 8. Make a separate file of those items which are shown in your unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc. 9. Stock ageing be made to ascertain if any stock is more than 1year old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally. 10. Classify stock – tax rate wise, purchased locally to get ITC into SGST. 11. Classify stock purchased on invoices bearing – Duty Payment & non duty payments to get ITC transferred to CGST. 12. Inform your GSTIN / ARN to all your suppliers of Goods & Services. 13. Obtain GSTIN of all Suppliers & Buyers. 14. Apply for migration in all states if you have centralised registration under Service Tax. 15. Train your accountants for GST accounting and returns formats. 16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold. 17. Check whether any stock of one year old is lying with you. 18. Analyse P & L and see which expenses are liable to RCM. 19. Make sure your GST migration from VAT/Service Tax is complete 20. Engage GST Consultant on professional basis. 21. Train staff to prepare tax invoice, advance receipts, self invoice etc etc from June 2017 itself 22. If you are in ERP which is compatible with GST, realign your General Ledger for easy reconciliation for Tax Return and GST annual return 23. Make sure that all documents especially credit and debit note is serially numbered. Get it done through FirstMan Corporate Services LLP because we serve you beyond your satisfaction.
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