Start your own business

Proprietary Concern is a form of Business Enterprise which is owned by a single person. This is very common form of business in India.

Main characteristics of this form are as under:-

• Easy to establish

• Single owner to provide capital

• Single owner with complete control of the business

• Proprietary concern has unlimited liability

• The business comes to close if the owner dies

• Capital is limited due to one person’s ownership

To establish a proprietary concern, the person who wants to establish business has to do the following:-

1. Choose a name of business and identify its address.

2. Identify the nature of business / products and fix the initial capital contribution

3. Obtain PAN Card

4. Open a bank account in the name of firm

5. Obtain approvals from local authorities under Shops and Commercial Establishment Act

6. Obtain Service Tax

7. Obtain Trade Tax

8. Vat Registration