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Starting a business under sole proprietorship is easy and convenient. A sole proprietorship is neither a company nor a corporation. The business is owned by an individual. The sole proprietorship firm registration is done with a motive to open a current bank account and start a small business. When an individual who owns any products or services and starts selling it, they are nothing but automatically establishing themselves as the sole proprietorship. Many entrepreneurs are running and selling their product under sole proprietorship. The income is basically reported as the business income or losses by the owner in his/her individual income tax return.
Sole proprietorship registration is required for the individual owned business and India is toward ease of doing business, hence it is suggested to obtain the given below registrations to make his business function smoothly and legally.
In India, a sole proprietor firm registration should be done under GST Act or MSME act, Shops and Establishment registration under the state Act, rule, and regulations play a vital role in growth and ease of doing business in a state.
All the income or loss or any such revenue generated from the sole proprietorship firm business belongs to the sole proprietor only, no sharing of the business profits and losses is followed.
To start the business or to continue operations the capital invested is of that of sole proprietor only, which can be either from his personal resources or by borrowing.
A single person owns the entire business and all the assets and property belongs to the proprietor, there is no separation between the two. All the risk associated with the enterprise is that of the owner
Very easy to establish no such legal requirements for formation, operation, and closure.
Central control is maintained by only one person is in charge of all the activities.
The owner of a sole proprietorship is not required to file a separate business tax report. The business will be taxed at the rates applied to personal income, and not corporate tax rates. This means huge tax savings.
♦ Photograph of Proprietor♦ PAN Card of Proprietor♦ ID Proof of Proprietor (Driving License/Passport/Voter ID/Aadhar Card)♦ Electricity Bill, or any other utility bill for the address proof of the Office
♦ Copy of bank statement
♦ Email ID and mobile number
The only document required is Aadhar and PAN card to get started. You can choose any name of your choice. However, this should not be an existing name in the Trademark Registry (If opting).Based on your documents and discussion with you, our executive will guide you as to what registrations to obtain.
Udyog Aadhaar is a registration for all micro, small and medium-sized businesses. Udyog Aadhaar registration along with a tax registration may be used for the opening of bank account.
Depending on your nature of business and requirement, Our GST expert will process for GST registration in the name of your sole proprietorship firm. This certificate is required to open current bank account and run business easily.
Only one person is required to start a Proprietorship and a Proprietorship can have only one promoter.
You need to be a Citizen and Resident of India having PAN Card and Valid Address Proof ( Voter ID, Passport , Driving License or Aadhar)
Treatment in tax is like a sole proprietor is not entitled to tax deductions on salary paid to himself reason being logical that such payments are not business expenses. In case you do so you are merely is transferring funds from a business account to your own personal account only.
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.
The business does not come under tax purview as such separately however, you must report all business income or losses on your personal income tax return.
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 Partners cannot be inducted into a Proprietorship firm.