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PLRonline.in

Banking - Foreclosure / pre-payment charges - Sole proprietor - Although the loan was sanctioned in the name of a sole proprietorship firm, the natural person owning the sole proprietorship firm is liable - In law, therefore, the bank sanctioned credit facility to a natural person, albeit in the name of the sole proprietorship firm owned by such natural person - bank not entitled to such charges . [PLRonline]

Proprietorship - Proprietory concern - A proprietory concern and the proprietor are one and the same and that they cannot be treated as separate juristic entities - The proprietary concern derives its identity and individuality from the proprietor and subsumes itself in the proprietor - Segregation of the two is incomprehensible in law. [PLRonline ID 40614]

Sole proprietorship – Is one that is run by a natural person – There is no legal distinction between the owner and the business entity – It is the owner who is in control of all the elements of the proprietorship. [PLRonline]

in Banking, Words and Phrases

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