SOLE PROPRIETORSHIP REGISTRATION
A Sole Proprietorship Registration is an unincorporated business owned by one person. It is not a separate legal entity, like a partnership or a company. No legal formalities are necessary to create a sole proprietorship.
In sole proprietorship, the owner is in direct control of all elements and is legally accountable for the finances of business and this may include debts, loans, loss, etc. The owner receives all profits and has unlimited responsibility for all losses and debts.
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Documents Required For Sole Proprietorship (All Soft Copy):-
- Self-Attested PAN card copy of All the Partner.
- Self- Attested Proof of Identity (Like-Voter ID, Passport, Driving License, Aadhar Card) of proprietor.
- Business address proof (Any One of Electricity Bill, Telephone Bill, Property, Gas Bill, Tax Bill).
- Firm Name.
- Firm Service or object or Product Name.
Procedure for Incorporation of Sole Proprietorship:-
After the payment received from you, we will do the following procedure:
- Document Preparation. (1- Day)
- Apply for proprietorship registration. (1- Day)
- Sending you Partnership Firm Kit.
ADVANTAGES OF SOLE PROPRIETORSHIP:-
- Sole proprietorship Business are one of the most simplest forms of business in India. It is one of the easiest form of business entity to start with minimum formalities.
- Because it is one person company, so minimum compliance is put off.
- The personal liability of a sole proprietor is generally unlimited. Business assets & personal assets of sole proprietor are claims to sole proprietorship’s creditors.
- Sole proprietor has total flexibility in managing and controlling the business.
- The biggest advantage of a sole proprietorship is that it’s having lower taxes.
1. Is any limited liability protection in Sole Proprietorship ?
NO, there is no limited liability protection in Sole Proprietorship.
2. Sole Proprietorship company is recommended for which entity ?
Sole Proprietorship is basically for small Merchants and Traders.
3. How many members are required to start a Proprietorship ?
For set up sole proprietorship one member is allowed.
4. Who is eligible for Sole Proprietorship ?
Only Indian are eligible for Sole Proprietorship, NRI’s and PIO can invest only after approval of the government of India.
5. What is the benefits regarding Tax ?
Sole Proprietorship having lower taxes. An entity which have less than 3 LAKHS annual income is free to pay taxes.