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SOLE PROPRIETORSHIP

A sole proprietorship is the most preferred business form for small entrepreneurs in India particularly among small traders and merchants. Sole proprietorship firms in India are not regulated under any one law to protect the interest of individual proprietors and therefore, this type of business organization is the simplest one in terms of registration and compliances. A sole proprietor business is considered as an extension of the person conducting the business, which means it is often difficult to provide a legally valid proof of its existence. However, the following are the different sections in law that can be applied to a sole proprietor business and registering under any one of them can give valid proof of existence.

  • Obtaining Shops & Establishment Certificate
  • Goods and Services Tax Identification.
  • Small Scale Industries Registration
  • Importer-Exporter Code - With launch of GST, only GSTIN will be used for purpose of import and exports. In case of persons not liable to be registered under GST, PAN number will be used instead of IEC.
  • Professional Tax Registration
  • Opening of Bank Account

Though no registrations are required for sole proprietorship formation, certain registrations are required for recognition of business such as GST, MSME, Shops and Establishments License, Trade licence and DGFT IEC Code. All the registrations are in the name of the proprietor which makes the proprietor liable for all the acts in the business.

ADVANTAGES OF SOLE PROPRIETORSHIP

Ease of Formation :
Ease of formation is its most important feature because it is not required to go through elaborate legal formalities. No agreement is to be made and registration of the firm is also not essential. However, the owner may be required to obtain a license specific to the line of business from the local administration.

Business Name :
A sole proprietorship can operate under the name of its owner/proprietor or it can do business under a separate Trade name.

Secrecy of Business :
Proprietor has the control over all business decisions, thus he can maintain secrecy of his business plans.

Tax Implications :
Sole proprietorship business is not taxed as a separate entity, the owner files his business taxes on his personal tax returns.

Easy to Close :
The proprietor can fully transfer the sole proprietorship at any time as and when required. So unlike Private limited company and LLP it is very easy to windup the business.

company

DOCUMENTS REQUIRED TO START PROPRIETORSHIP FIRM REGISTRATION

  • Application form provided by us.
  • Self Attested PAN Card of the proprietor
  • Self attested Aadhar Card/Voter ID of the proprietor
  • Address proof (Electricity/telephone/water bill) of place of business (Registration under Shops and Establishments Act)
    Rented Property : Rental agreement and NOC from landlord.
    Self Owned : Electricity bill /telephone bill /water bill or any other address proof.
  • Bank statement, not more than 3 months old.

DOCUMENTS REQUIRED FOR OPENING A BANK ACCOUNT

  • Utility bills (Electricity/water/telephone)
  • Registration certificate (MSME/ GST/Shops and Establishments License/ Trade licence)
  • Chartered Accountant Certificate

DISADVANTAGES

  • Unlimited Liability
  • Limited Capital
  • Limited Managerial Ability
  • Limited Life

FIXED PRICE PLANS

BASIC PLAN

INR 2,499/-

  • MSME Registration/ Trade License/
  • Assistance in Opening of Current Account



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GOLD PLAN

INR 9,999/-

  • MSME Registration/ Trade License/
  • Assistance in Opening of Current Account
  • Trademark Registration


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PLATINUM PLAN

INR 12,999/-

  • MSME Registration/ Trade License/
  • Assistance in Opening of Current Account
  • Filing of Tax Returns
  • Trademark Registration
CHECK OUT

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