CLOSURE OF SOLE PROPRIETORSHIP CONCERN
Do you wish to close your business completely, go with the legal procedure to avoid future disputes.
Do you wish to close your business completely, go with the legal procedure to avoid future disputes.
APPLY NOW FOR CLOSURE OF YOUR SOLE PROPRIETORSHIP CONCERN
Detailed account statement of the Sole proprietorship concern.
Copy of bank current Account Statement /Certificate.
Pan card & Aadhar card.
Details & Registration Certificate of Sole proprietorship, if any taken.
A sole proprietorship concern is setup by an individual. When an owner begins operating his business with opening of current account on his own name or in the name of proprietorship firm.
Proprietorship concern is the easiest form of business for individual as it is not governed by any statute. Thus for closure of business also there is no specific process governed by any act.
Any Indian citizen who has attained 18 years of his age may start an sole proprietorship concern.
Sole proprietor is required to file annual tax return with the income tax department only.
Liability of the Sole proprietor is unlimited. He himself shall be personally liable for the payment of all the losses so incurred.
No, sole proprietorship concern does not have perpetual existence and thus the existence of the concern shall comes to an end after the death of the proprietor.
Sole proprietorship concern cannot be transferred like company or LLP, transfer of assets and liability can take place but business registration and other registrations being in the name of sole proprietor cannot be transferred.
No, sole proprietorship concern does not have any obligation to disclose its financial reports to the public like other business forms.
If the Sole proprietor has obtained GST identification number than he is required to surrender his GST it can be done through the official website of the GST.
There are three events that can cause the dissolution of a sole proprietorship:
No, the applicant is not required to present physically for the process of closure of the business. LegalDisha.com provides you online services and assistance for the same.