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What is Sole Proprietorship ?

When a business is owned by one person, it is a sole proprietorship firm. That person owns the business, manages it, and controls the various operations of the business. You can start and operate the business with minimum regulatory compliance. The Sole Proprietor must be a Citizen and Resident of India.

Steps to register Sole Proprietorship
  • Professional Guidance : Proprietorship is recognized through one or more government registrations. Our expert team will guide you about the ones you will need, based on the business you're in.
  • Selection on Type of Registration : Depending upon your business our team will help you decide We will help you decide what registration you need, whether GST, MSME, Import/Export code, Shops, and Establishments registration.
  • Submit Documents: For For further procedures you have to submit the documents to our team. Details and documents provided by you will be verified by our experts.
  • Obtain Registration Certificate: Once your proprietorship is incorporated, our team will intimate you about the same.
Required Documents for Sole Proprietorship
  • Name & Nature of Firm
  • Pan Card
  • Adhar Card/Passport.
  • Address Proof (Rent Agreement, Electricity Bill)
  • Passport size Photographs
Required Documents For A Current Account
  • Proof of the existence of your business
  • Shops & Establishments Act Registration
  • PAN card
  • Address and Identity proof
features of Sole Proprietorship Firm
  • Easy to Start and Close- Registration is quite simple. They do not involve any complexities and can be handled by a single person in a comfortable manner.
  • Minimal Compliance- Since Sole Proprietorships are not governed by any specific law, the legal compliances are minimal. These sorts of firms are acknowledged only because they are registered with the government and for the taxes.
  • Low Cost and Taxes- A Proprietorship with less than Rs. 2 lakhs of income is not required to pay any income tax, as Proprietorships are taxed as the individual owing the business. However, once, income of the business exceeds Rs. 10 lakhs per annum, there are no major advantages for a Proprietorship in terms of taxation.
  • Business Name- Since the name of a Proprietorship is not registered, a Proprietorship can choose to have any name - as long as it does not infringe on a registered trademark.
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