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A: No, a proprietorship firm cannot be incorporated as it is not a separate legal entity. The proprietor and the business are considered as one and the same.
A: The advantages of a proprietorship firm include ease of formation, minimal compliance requirements, complete control over business operations, and flexible decision-making.
A: The disadvantages of a proprietorship firm include unlimited liability of the proprietor, limited capital raising potential, and lack of continuity in case of the proprietor's death or incapacitation.
A: Registration of a proprietorship firm is not mandatory. However, for opening a bank account in the name of the firm, obtaining a GST registration, or other business licenses, registration may be required.
A: There is no legal requirement to file annual returns for a proprietorship firm. However, if the firm is registered for GST, then it has to file GST returns as per the GST laws.
A: The income of a proprietorship firm is taxed as per the individual income tax slab rates applicable to the proprietor. The proprietor is required to file a personal income tax return for the income earned by the firm.
A: To close a proprietorship firm, the proprietor has to settle all the dues and liabilities of the firm, cancel all the licenses and registrations, and file the necessary documents with the concerned authorities.