Sole Proprietorship

When a business is owned by one person, it is a sole proprietorship firm. It is the simplest form under which a company can operate. This business does not have any separate identity under the law. It can also be operated under the name of its proprietor.

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Overview

Benefits

Registration Procedure

Requirements

Overview

What is a Sole Proprietorship?

When a business is owned and governed by one person, it is called a sole proprietorship company. This type of business can be incorporated in fifteen days and hence makes it one of the most popular types of business to begin in the unsystematic sector, specifically among merchants and small traders. For a Sole Proprietorship business, registration is not required as it is identified through alternate registrations, such as GST registrations. However, its liability is unlimited and it also doesn’t have perpetual existence.

Why Should You Register For A Sole Proprietorship?

A Sole Proprietorship provides maximum privacy to its owners and has an
easy establishment and operational process.

Benefits of Sole Proprietorship

Minimum Compliance

Sole Proprietorships have minimum compliance requirements. Therefore, their agreements are confined to yearly filings for service, sales, or professional taxes.

Simple to begin

A sole proprietorship is simple to begin and can be set up in 15 days with the help of a PAN card. One needs to simply have a GST Registration in place.

Economical

A Sole Proprietorship is economical due to its minimum compliance requirements, including no requirement for hiring an auditor.

Registration Procedure in Sole Proprietorship

Professional Guidance

Our experts give you professional guidance on many of the processes involved in registering your business as a sole proprietorship, along with registration of service tax, sales tax, import/export code, and professional tax.

Vendor Relationship

Our team will connect you with an established vendor who will book your application and also keep you updated on its status and progress. The vendors we have onboard are well-accomplished and skillful in managing native registrations.

15 Business Days

Our team will offer full assistance with the registration process. This could vary between 5 and 15 days, depending on the task at hand for the authorities involved.

Requirements for Sole Proprietorship

What Are The Documents Required For Registering A Sole Proprietorship?

To start a Sole Proprietorship, the following documents are required

Address and identity proof
PAN card, KYC documents and
Rental agreement or sale deed (in case of Shops & Establishment Act Registration).