Sole Proprietorship Registration
Register your firm as Sole Proprietorship and avoid following any legal compliances. Have your complete control over the business with Sole Proprietorship Registration.
To avail our services, we charge 499/- as an advance or security payment.
SOLE PROPRIETORSHIP FIRM REGISTRATION
A Sole Proprietorship is a type of business organisation in which a single person manages the company. In general, there is no need for registration. This type of business form is suitable for anyone who wants to start a business with a low initial investment.
The single proprietor/owner has complete control over the business. A single person who wants to start a business from home or on a premise with a small investment can choose this type of business.
The sole proprietor will invest in the sole proprietorship business. He bears all of the company’s losses and reaps all of its profits. He both controls and manages the company. He can appoint people to run the business, but he will retain sole ownership.
Many local businesses can be formed as sole proprietorships, such as grocery stores, salons, boutiques, and retail stores. Even small traders and manufacturers can establish a sole proprietorship firm.
BENEFITS OF THE SOLE PROPRIETORSHIP FIRM
Listed below are benefit Sole Proprietorship Firm:
- There is no Mandatory rule to register a Sole Proprietorship firm.
- Every easy to establish without much formalities to follow. Any individual can start it very easily.
- Another important benefit that is attached to the theory of sole proprietorship firm is the minimum compliance requirement.
- Sole Proprietorship firm doesn’t need to get its books of account audited with the MCA (Ministry of Corporate Affairs) each year.
- Any Sole Proprietor’s income falls under the rate of 2lakhs is realized from paying the income tax.
- It’s very easy to start a Sole Proprietorship Firm by any single individual.
- To get your Sole Proprietorship Firm Registered, there is no minimum limit directed for the capital requirement as it depends upon the sole owner and his will.
REQUIRED DOCUMENTS FOR THE REGISTRATION OF SOLE PROPRIETORSHIP.
The given below list of documents are required for Sole Proprietorship Registration:
- Aadhar Card
- PAN (Permanent Account Number) Card
- Bank Account
- Registered Address Proof
Moreover, there is no particular registration required for sole proprietorship registration in India. But, the owner needs to get the mentioned below registration to run a business smoothly and with ease.
- Tax Registration
- MSME Registration
- Registration under the Shops and Establishment Act
Some Other Documents needed For The Registration Of a Sole Proprietorship Firm :
- Municipal Authorities issued License or the Certificate
- Certificate of CST (Central Sales Tax) or VAT (Value Added Tax)
- All ITR (Income Tax Returns) documents
- Certificate granted by the Sales Tax or Service Tax or Professional Tax authorities.
- Certificate granted by the Food and Drug Control Authorities, IMC (Indian Medical Council)
- IEC (Import Export Code) assigned to the Sole Proprietor by the office of DGFT (Director General of Foreign Trade)
- Utility bills in the form of the Water Tax Bill, Electricity Bill, and the Landline Telephone Bills were declared in the name of the concerned Sole Proprietor.
Procedure for Sole Proprietorship Registration
Note: After completing the process, you have to make the whole payment of the amount.
Are you looking for Online Legal Services?
You are in the Right Place...
FAQs for Sole Proprietorship Firm
- If the annual turnover of your business surpasses the limit.
- Agents and ISD (Input Service Distributors).
- Persons held liable to pay tax under the Reverse Charge Mechanism.
- The person who provides by way of e-Commerce aggregator
- E-Commerce aggregator.
- Producing online data and the information entrance or the retrieval services from any place not in India to a person residing in India, other than a registered taxable person.
- File TDS Return
- ITR (Income Tax Return) filing
- Tax compliances
- Financial statements drafting
- Online tax audit
- Invoice Documentation of sale and purchase
- Individual’s investment
- Complete Ownership
- No sharing of profit or loss
- Fewer compliances and formalities
- Control power