Proprietorship firms are those that are owned and run by a single member. The lone proprietor and the business property are one and the same in law. The sole member of the company is the lone owner of the asset who shares in all of the company’s gains and losses. Because the liability of the solitary member is unlimited, personal property owned by the sole member should be utilized to offset losses when business profits are insufficient to cover them. There is a minimal standard of regulatory compliance for forming and operating proprietorship firms.
The sole member may also assign its power to a subordinate as an employee, but she/he may not assign the singing
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