Registration of a Proprietorship Firm
In countries like the United States of America, you need not register your business at the state level if you are a sole proprietor. While registering the name for business, it is important for sole proprietors to use their own name as the business name. This process is referred to as using a doing business as (DBA) name, also known as the trade name or the fictitious name of the firm.
The firm then needs to acquire an employer identification number (EIN) from the Internal Revenue service. After this process, the proprietor needs to obtain a tax ID by registering itself with the state revenue agency. Certain licenses from local, state and federal agencies are also required to be obtained by firms depending on the type of their business.
Types of Sole Proprietorship Firms
A proprietorship firm consists of one individual who is also the owner of the firm. The profit and the losses of these businesses are borne individually by the owner. They are legally liable for the debts and obligations of the business and can be held responsible in case of any default.
Following are the various types of proprietorship firms:
Entrepreneurial firm: An entrepreneur is a person who develops their own business with the intention of making a profit. The entrepreneur is the owner of their business and has no contractual relationship with their customers or potential clients. Examples of an entrepreneur can be, a person who performs merchandise sales online, a coffee shop owner, etc.
Freelancer/independent contractor: An independent contractor/freelancer is a person who works on an independent basis. They work like the employees of a company but on a contractual basis. A freelancer is hired by an employer to perform a certain task for a certain duration. It is up to the discretion of the freelancer to accept or decline a contract. The main difference between a freelancer and an employee is the amount of control the employer has on the work process on its employee. For example, a content writer is a freelancer or an independent contractor who gets paid for the work they perform.
Franchisee: The term franchisee refers to an individual who buys the right to sell products on behalf of a franchisor. The franchisee makes use of the brand name and the technical knowledge of the franchisor in return for a certain payment. The franchisee has to stick to the guidelines given by the franchisor in terms of market operations and pricing strategy.
Characteristics of a Proprietorship Firm
Sole ownership: In proprietorship business, the ownership and the responsibility of the entire firm falls under one person – the owner of the firm. On the closure of business, the owner is liable for all the profits and losses legally.
Unlimited liability: This means that in a proprietary business, the liability of the owner is unlimited. In a situation like bankruptcy or any loss in the business, the loss can be recovered by selling both the business and the private asset (i.e. house, land, etc.) of the proprietor.
Limited work area: The progress and work area of a sole proprietor firm is limited. This is because the capital acquiring capability, organizational skills and the available resources of an individual are limited.
Sole right on capital: In a proprietorship, the owner of the proprietorship firm enjoys full rights on the capital gains and is the sole owner of the same as the capital invested in the firm has to be organized by the sole proprietor.
Sole management: In a proprietary firm, the proprietor is solely responsible for the control, management and daily business operations. As the firmâ€™s business expands, the proprietor can recruit their staff based on its requirement, but the proprietor is also responsible for the work done by their staff.
No legal formalities: Unlike partnership firms and joint stock companies, a proprietorship firm does not need to complete formalities like registration. The legal hassle is minimal for starting a business in this case.
Free to select business: When it comes to proprietorship business, a proprietor is free to select any business of their choice as per their will. They can also change the line of business.
Willful commencement and closure: It is up to the disposal of the owner to either start or shut the firm. All the decisions are taken by the owner of the firm and as it is a non-legal entity, so there are no legal formalities involved.
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