BUISENESS MANAGEMENT
BUSINESS STRUCTURE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes
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No
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Either A or B
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None of the above
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Detailed explanation-1: -A sole proprietorship may operate under its sole proprietor name or it may conduct business under a fictitious name, such as Radhika’s Couture. The fictitious name is simply a trade name–it does not create a legal entity separate from the proprietor owner. Any name can be used for sole proprietorship.
Detailed explanation-2: -Change in Name of a Proprietorship Concern / Firm 6.1 An application for change in name of the firm (preferably mentioning its Unique Firm Registration Code Number) shall be submitted along with the Form for giving particulars of Offices and Firms duly filled-in.
Detailed explanation-3: -A sole proprietor can operate multiple businesses under one PAN Card. For income tax purpose proprietorship firm are not separate entities, therefore assessment of all the firms registered under one PAN card, is done through merger of their accounting information.