Proprietorship Firm

A sole proprietorship is the simplest form of business, which you will find all over world. It’s like you woke up today and wants, and you purchase goods from a wholesaler and start selling them instantly. You have created a proprietorship, No registration is needed. In case you need to open a bank account approach your nearest bank account and open a current account with them

A proprietorship business can be started with any amount of capital and as such, there is no provision in the law which prescribe any minimum capital for the firm. The capital must be infused by the proprietor based on the nature and scale of the proposed business. You shall have the ability to introduce or withdraw capital at any time from the accounts of the proprietorship business as drawings.

No, A proprietorship business is owned and controlled by a sole person. There is no requirement to engage any other person to start a proprietorship business.