Sole Proprietorship

Rs. 3499/- (All inclusive)

Business Formation Discussion

Business Name Finalization

Registration Requirements


Introduction

What is Sole Proprietorship?

The sole proprietorship is the most common form of business organization in India; a sole proprietor business is the easiest business type to start and operate with very minimal regulatory compliances. Sole Proprietorship business is owned, managed and controlled by single person.

Proprietorship form of business is best suited for only small unorganized business, unlike Companies or LLPs it do not offer the proprietor the benefits like limited liability Partnership, corporate status, separate legal entity, independent existence, transferability of shares - which are desirable features for any business organization in long run.

What Makes a Sole Proprietor So Unique?

Easy to form

Sole Propriotorship does not necessarily require any registration with any government authorities. It is formed with less paper work and minimal time.

Easy to Control and Manage

In Sole Propriotorship, owner has direct control over every decision. He can anytime hire or fire employees. He is the sole decision maker for his business.

Easy taxation

In Sole Propriotorship, all the income of the business is taxed on the owner’s personal tax return i.e. if the income is more than Rs. 2.5 lacs owner is required to pay tax.

Sole beneficiary

Sole Propriotorship entitles owner as the sole beneficiary of profits. There is no need to share his profits with anyone else.


Procedure

There is no need to formally register a Proprietorship with the Government of India, like Company & LLPs and its existence must be established only through tax registrations like PAN, TAN, or GST and other business registrations that a business is required to have as per the rules and regulations, which can be obtained in the name of the Proprietor only and making the Proprietor personally liable for all the liabilities of the Proprietorship.

Steps

  1. Fill our Information Requisition Form (“IRF”)
  2. Document Submission
  3. Obtain Digital Signature
  4. Work Completion

Documents Required

  Self Attested copy of Passport size Photo of the Applicant.

  Self Attested copy of Voter Id/ Driving License/ Passport/ Aadhar Card of the Applicant (any One).

   Municipal Registered Deed/ Electricity Bill/ House Tax Paid Receipt of the Registered Office (if owned)
     Rent Agreement& NOC is also required in case property is not owned.

  Bank Statement/ First Page of Pass Book/ Printed Cancelled Cheque is required for Bank Account proof which
    must contain Account No & IFSC Code (for GST Registration.

  Required Business Name.

What we can do

We at Compliance Advisor is providing registration and Compliances services in India, offering registrations of Limited Liability Partnerships (“LLPs”), Partnerships, Private Limited Company, Public Limited Company, one person company (“OPCs”), Nidhi Company, Section 8 Company, Producer Company and Indian Subsidiary of a Foreign entity.

Average 3-5 working days required to complete a registration of proprietorship, subject to submission of complete documents by the client and the government processing time.

For any query related to proprietorship registration and business formation in India, get free advice by scheduling an appointment with a Compliance Advisor.

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