Proprietorship Firm
Register your Proprietorship Business@ Rs.800 (Professional Fee)
- Free Consultation
- Time: 4-6 working days* (After Document Submission)
- GST Registration
- 100% Online Process
CONTACT US
PROPRIETORSHIP FIRM
A Sole Proprietorship is a business owned, managed and controlled by single person. It is one of the most common forms of business in India, used by small businesses operating in the unorganized sectors. In Sole Proprietorship, unlike other forms of business, it is not a separate legal entity. Proprietorships are very easy to start and have very minimal regulatory compliance requirement for getting started. Therefore, Proprietorship’s are suited for small businesses that will have a limited existence.
A Proprietor is the owner of the Business which facilitates easy and quick decision making. The Proprietorship is best suited for beginners who intend to start low with sole control over the decisions. The Income Tax slab applicable in case sole proprietorship will be same as Individual and both the Individual and Proprietorship Firm are considered as one as per the Income Tax Act.
ADVANTAGES
Lesser Compliances
The compliance requirements are minimal, as a proprietorship firm is not registered with any Government authority like the Ministry of Corporate Affairs.
Easy to Form
Proprietary concerns can be formed easily and quickly. Very few legal formalities need to be fulfilled. There is no need to go for any registration or enter into an agreement with someone.
Sole Beneficiary of Profit
The owner, entitles as the sole beneficiary of profits. In all other types of an entity like a partnership, LLP or company, a minimum of atleast two persons are involved.
Quick and Easy Decision Making
The owner has full control over everything. He decides everything in the best interests of the business.
PROCEDURE
STEP 1
Ascertain the Requirements of Registration(MSME/GST/IEC based)
STEP 2
Apply for GST/MSME/IEC as ascertained above
STEP 3
Respond to departmental query, if any, rectify the application accordingly and submit again
STEP 4
Payment of Government Fee(Applicable in case of IEC only
REQUIREMENTS
Individual Identity Proof
Adhaar Card and
PAN Card
Individual Address Proof
Individual Bank Statement
Registered Office Proof
Any Utility Bill(Electricity
Bill/Bank Statement)
Passport Size photographs
Your Latest Passport Size Photograph is required
PRICE
PREMIUM
Rs.3000
GST Registration + IEC Registration
(Excluding GST and Government Fees)
₹3,000.00Add to cart
FAQs
1. Who can start?
Any Indian citizen with a current account in the name of their business can start a Sole Proprietorship. Registration may or may not be required, depending on what business you are planning to establish. However, to open a current account, banks typically require a shops & establishments registration or GST registration or MSME registration or IEC Registration.
2. What businesses are commonly run as Sole Proprietorships?
Most local and small businesses are run as Sole Proprietorships, from grocery store to a fast food vendor general merchant, etc, and even small traders and manufacturers carry business as Sole Proprietorship only.
3. How does a Sole Proprietorship differ from other business forms?
A Sole Proprietorship differs from other forms of business in several ways:
- Sole Proprietorships are the least complex and cheapest form of doing business.
- No separate PAN or ITR required, unlike in all other forms of business.
- Income Tax Slab benefit available to assesses.
- Sole Proprietorships require no formal paperwork to set up and don’t need to be registered with the state.
- Sole Proprietorships do not shield individuals from liability for their business debts.
4.What documents are needed for opening a Current Account in the name of my Sole Proprietorship?
To open a current account, you need proof of the existence of your business. Some Banks may ask for MSME registration in addition, you will need a pan card of proprietor and address and Identity Proofs. Copy of ITR may also be considered as a proof of business by some Banks.
5. Can NRI register Sole Proprietorship Firm?
No. NRI cannot register Sole Proprietorship Firm
6. What if i wish to convert from Sole Proprietorship to Private Limited Company or Limited Liability Partnership?
You can always choose to do so, the procedure is very simple. It is very common for sole proprietors to convert into partnerships and private limited companies at a later stage at any point of time.
