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Sole Proprietorship | Online Company Registration and Documentation

SOLE PROPRIETORSHIP


The Most preferred business structure for Start-ups seeking funds for growing business.

Starting at : ₹999 (all inclusive)

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SOLE PROPRIETORSHIP

Sole Proprietorship

A sole proprietorship is the most common form of business used by micro & small business in unorganized sector. A proprietorship business is easy to start & have 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 and separate legal entity etc. The proprietor is personally liable for all the liabilities of proprietorship. Government does not provide any framework for registration of a proprietorship. Hence, it exists through various tax registrations & business registrations in the name of proprietor like GST registration etc. to establish that the proprietor is operating a business as sole proprietorship.

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.



           
         


Why 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 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 sole owner of all the profits earned by the proprietorship.
TAX BENEFITS Proprietorship is treated same as an individual for the purposes of income tax law. So, the exemption limit of Rs. 2.5L is also applicable to proprietorship & the proprietor would only have to file income tax returns if the exemption limit is crossed. Also, other slab rates as applicable to individuals are also applicable to proprietorship as well.
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 cancelling the registrations obtained in the name of proprietor.


           
         


Sole Proprietorship Registration Process




1
Identifying way of establishing Sole proprietorship
2
Registration












Legal Suvidha Expert will advise you on the best way of establishing identity of proprietorship & opening bank account in name of business on case to case basis as there is no specific way of incorporation.

           
         


Documents required for Sole Proprietorship incorporation



• Aadhar card of proprietor

• PAN Card of proprietor

• Bank account.

• Registered office proof – if Rented Property then, Rent Agreement & NOC from Landlord but if self – owned property then electricity bill or water bill.

           
         

Frequently Asked Questions





Who can be a proprietor?
The proprietor should be an Indian citizen & Resident of India.

Is there any incorporation certification of Proprietorship firm?
No, there is no incorporation certificate of proprietorship firm.

Is there any minimum capital requirement for proprietorship?
No, there is no minimum capital for starting a proprietorship.

What are the requirements of deciding a name of proprietorship?
There can be any name of the firm provided it does not infringe any registered trademark.

Whether an NRI can become a proprietor in sole proprietorship?
No, only an Indian resident can be a proprietor but NRIs can invest in sole proprietorship.

What are the annual compliances for proprietorship?
If applied for GST then GST returns. Income tax returns to be filed showing income earned.



    
Compare your options
Private Limited Company Limited Liability Partnership One Person Company Partnership Firm
Preferred for Start-ups Professional Services Firms Sole Proprietors Small-medium sized businesses
Limited Liabilty Protection Yes Yes Yes No
Minimum Requirement 2 Shareholders 2 Designated Partners 1 Director
1 Nominee
2 Partners
Fund Raising Options High Low Low Low
Tax Advantage Few Most Few Minimal
Statutory Compliances High Low High Minimal
Compliance Cost High Medium Medium Low
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