Key Features of Proprietorship Firm
Person Required as Single Entrepreneur. Single Owner of the Business. Easy to Start and Easy to Close. Complete Control. Lower Cost of Formation and Compliance. Disadvantages of Proprietorship Firm Lack of Resources. Unlimited Liability. Lack of Credibility. Can not raise funds easily. Can not add Partners. As a sole proprietor, main objective of the firm is opening a current bank account on the name of business. so basically most of the banks ask for any legal certification for the business.