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Plastic waste management
HAZARDOUS waste management
Sole proprietorship is a type of business organization where a single individual owns and operates a business. This means that the proprietor has complete control over the business and is personally responsible for all its debts and obligations.Sole proprietorship is the simplest and most common form of business organization, and is popular among small businesses and self-employed individuals. It is easy to set up and requires minimal legal formalities and regulatory compliance.
Expert in Sole Proprietorship
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Overview of Sole Proprietorship
A sole proprietorship is the most common form of business used by micro & small businesses in the unorganized sector. A proprietorship business is easy to start & has minimal operating regulatory compliance. As its name suggests proprietorship business is owned, controlled & managed by one person. It is most suitable for unorganized & small businesses because it does not provide benefits such as limited liability, corporate status, separate legal entity, etc.
Legal Suvidha Provider offers various company registrations like private company registration, OPC, Section 8 Company, etc. Generally, it takes 3-5 working days to complete proprietorship registration subject to processing time & submission of documents.
- Sole proprietorship is a type of business organization where a single individual owns and operates a business.
- The proprietor has complete control over the business and is personally responsible for all its debts and obligations.
- The owner is the only one who contributes capital to the business and is entitled to all the profits.
- Sole proprietorship is the simplest and most common form of business organization.
- It is popular among small businesses and self-employed individuals.
- It is easy to set up and requires minimal legal formalities and regulatory compliance.
- However, sole proprietors have unlimited liability, which means that their personal assets can be used to pay off the debts and obligations of the business.
- Sole proprietors are responsible for all aspects of the business, including management, marketing, finance, and operations.
- While this gives them complete control over the business, it also means that they may have to work long hours and take on multiple roles to ensure the success of the business.
- Sole proprietorship can be a good option for individuals who want to start a small business or work as self-employed professionals.
Advantages of Sole Proprietorship
|Easy to Establish & Cheap||Proprietorship requires minimal registration compliance & therefore cheaper to incorporate.|
|Sole Decision Maker||Since, there is only one person who controls & manages the affairs of proprietorship; it is easier to operate a proprietorship. So, there is no requirement of a board meeting or approval, etc.|
|Name of Business||A proprietorship can choose any name as there is no requirement of registering its name as long as it is not infringing any trademark.|
|Single Owner & Profits||Proprietorship can be registered & operated by one person. So, it is a natural corollary that he is the sole owner of all the profits earned by the proprietorship.|
|Exit Plan||Since, there is no separate identity of Proprietorship there is no formality of winding up or closing proprietorship. It can be closed down by just canceling the registrations obtained in the name of the proprietor.|
Step 1: Identifying a way of establishing Sole Proprietorship: Legal Suvidha Expert will advise you on the best way of establishing the identity of proprietorship & opening a bank account in the name of the business on case to case basis as there is no specific way of incorporation.
Step 2: Registration: After selecting a suitable name, the identity of the Proprietorship can be established by taking GST registration or SSI/MSME registration.
1. Aadhar card of proprietor
2. PAN Card of proprietor
3. Bank account
4. Registered office proof – if Rented Property then, Rent Agreement & NOC from Landlord but if self – owned property then electricity bill or water bill.
FAQ's Sole Proprietorship :-
The proprietor should be an Indian citizen & Resident of India.
No, there is no incorporation certificate of proprietorship firm.
No, there is no minimum capital for starting a proprietorship.
There can be any name of the firm provided it does not infringe any registered trademark.
No, only an Indian resident can be a proprietor but NRIs can invest in a sole proprietorship.
If applied for GST then GST returns. Income tax returns to be filed showing income earned.
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I have recently registered a Private Limited firm and was looking for a CA to take care of the filings, Startup India Certificate, and other formalities. I have received emails from legal Suvidha and a few others. I tried talking to them all. But, Mr. Mayank from Legal Suvidha was very impressive and was patient enough, prompt to answer all the queries. He has a very professional team and after the initial formalities, I started interacting with the team. It's not even 2 weeks but I really feel overwhelmed by their service and professionalism. I received my startup India certificate yesterday and my filings have been done promptly. The team at legal suvidha Ms. Nidhi, Ms. Priyanka, Ms. Koshika, and Ms. Saloni all show the same professionalism and are readily available to take care of the official filings and stuff. Overall a great experience till now and looking forward to a great journey!
Legal suvidha is a team of genuine and experienced professionals who give you best services according to your profile
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Team Legal Suvidha offers a brilliant service. There communication is quite clear and they execute the job meticulously. We are a startup private limited company and their advice is so critical in making my decision. Well done team. Keep it up. Prakaash Hari, Director, ipixela.
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Been using their services since 3 years now and I am absolutely happy with Legal Suvidha. They have been supportive, understanding and highly skilled at helping me with my business needs.
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