Does a proprietorship is bounded to convert into Pvt. Ltd if certain condition occurs. For example i

mack (Thinking-to-start-business)   (154 Points)

11 November 2022  

I am planning to start an export business and I am alone so I prefer to start as a Proprietorship but I have a few doubts:-

1) Does a proprietorship is bounded to convert into Pvt. Ltd if a certain condition occurs. For example, if annually a proprietorship earns 10 crores of Income or higher ?

2) Do a Sole Proprietor have a limit on having annual earnings and if it exceeds then they have to convert it to a Pvt ltd company? does a sole proprietorship have the compulsion to be converted to Private Limited on xxxx turnover or profit ?

3) Do a sole proprietor has an annual turnover limit ? or a sole proprietor can earn millions of millions being a proprietor and does not force by government law to be converted to a Private limited ? Here I am not asking when the proprietor is under compulsion to conduct an audit and submit to MCA but rather anything which abid a proprietor to convert to a private limited company.