What are the legal differences between a proprietor and his proprietory firm on following points-
1. Legal status (Whether both are treated separate or same as legal entity)
2. whether proprietory firm can be sued or proprietor is to be sued ?
* Whether proprietor and his firm have to have separate PAN cards?
4. Whether proprietor and his firm have to file separate IT returns returns ?
5. What happens if proprietory firm which has assets and liabilities is closed ?. Does it automatically transfer assets and liabilities of proprietory firm to the individual i.e. proprietor ?
6. What happens if proprietory firm's bank account is closed ? does money in the account becomes proprietor's?
7. Can proprietory firm's service tax no, pan, shop license etc be closed ?
Pls guide.
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