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Harshit tiwari

Stealth • 7m

Anyone please explain following questions :- What is difference between loss & liabilities? If I go for sole proprietorship ,then is it mandatory to file compliance ? Can I hire employees in sole proprietorship? Can I use saving account for sole proprietorship upto 1 lacc money .

5 replies4 likes

Replies (5)

Naveen Ramakrishna

Stealth • 7m

Yaa u can hire a employees for sole proprietorship savings account is enough to do a business if you have registered gst number There is a lot of difference between loss and liabilities Loss is occured on your operations work liabilities are occured to manage your operations for example taking debt to procure some products spending on worksmen spending on infrastructures etc

0 replies2 likes

Shrutika

Stealth • 7m

Loss is thing if you sale a product at 2 rs and the making cost was 3rs Then loss is one rs Where as if you took loan to make that product i.e 3rs Then the liability is 3 rs , 2 ) Yes You can hire employees, As My Mother is Sole Proprietor itself And 3rd question I don’t k of the adequate ans

2 replies1 like

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