Sole Proprietorship Registration

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All Inclusive Fee of Just Rs 4,999/- only

Sole Proprietorship Registration

Meaning of Sole Proprietorship

A sole proprietorship, also known as the sole trader or simply a proprietorship, A sole proprietorship is a business that is owned, managed and controlled by one person. It is one of the most common forms of business in India, used by small businesses operating in the unorganized sectors. Proprietorships are very easy to start and have very minimal regulatory compliance requirement for getting started.. There is no mechanism provided by the Government of India for the registration or incorporation of a Proprietorship. Therefore, the existence of a proprietorship is established only by tax registrations and other business registrations that a Proprietorship is required to have as per the rules and regulations.

Advantages of Sole Proprietorship

  • Easy To Start
  • Full ownership and control.
  • Less capital involved.
  • Profits are not to be distributed.
  • Ease of formation.
  • Complete control over all the aspects of business.
  • Strong Interpersonal relationships with clients, customers and employees.
  • Low Income Tax.

Documents Required Sole Proprietorship

  • PAN Card
  • Address Proof ( Voter ID, Passport, DL or Aadhar)
  • Electricity bill + Rent agreement where you want to run your business.

Frequently Asked Questions

Only one person is required to start a Proprietorship and a Proprietorship can have only one promoter.
1. PAN 2. Address Proof ( Voter ID, Passport, DL or Aadhar) 3. Electricity bill + Rent agreement where you want to run your business.
BusinessWindo has tied up with various banks. We will guide you through the process and help you open a bank account.
Proprietorship firms do not have a Certificate of Incorporation or Certificate of Registration. The identity and legitimacy of a Proprietorship firm is established by registering with the various Government authorities.
Proprietorship firms are business entity that are owned, managed and controlled by one person. So Partners cannot be inducted into a Proprietorship firm.
Proprietorship will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filign= may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.
BusinessWindo will understand your business requirements and help you start a Proprietorship by obtaining the relevant registrations. We will help obtain the necessary registrations to help the Proprietor open a bank account in the name of the business, thereby proving an identity for the business.
You need to be a Citizen and Resident of India having PAN Card and Valid Address Proof ( Voter ID, Passport , Driving License or Aadhar)
There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.
No, the Proprietorship firm and the Proprietor are one and the same. The PAN Card of the Proprietor will be the PAN Card of the Proprietorship business and There will be no separate legal identity for the business. The assets and liabilities of the Proprietorship business and the Proprietor will also be one and the same.
A business operated by proprietorship firm cannot be transferred to another person, Intangible assets like Government approvals, registrations, etc., cannot be transferred to another person because PAN can not be changed.
Proprietorship firms are business entity that are owned, managed and controlled by one person. So Proprietorship firms cannot issue shares or have investors.
It is not necessary for Proprietorships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion.
Yes, there are procedures for converting your Proprietorship business into a Company or a LLP at a later date. However, the procedures to convert a proprietorship business into a Company or LLP expensive and time-consuming, PAN and all Relevant registration will be applied again and hence it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Proprietorship.

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