Sole Proprietorship Registration
Best & simplest form of Business in India
To start a business in India as a proprietorship, you need to obtain an Udyam Registration and GST registration. Proprietorship firm is the most preferred form of starting a small business which are owned, managed and run by a single person (male or female)
Our basic package for Proprietorship registration Starts @ ₹ 2,999/-.
Sole Proprietorship Registration
There is no formal registration required to form a sole proprietorship. A sole proprietorship is owned and managed by a single owner, who is not required to sign any documents in order to create one no separate deed or agreement is made. However, individual tax or local registration would be required based on the business activity and the business location and name registration would be required if the business operates under a different name than that of the business owner.
It’s India’s most familiar form of business, and used by small scale businesses. This type of trading is very popular among India’s massive unorganized sector. It has huge short comings, such as unlimited liability of proprietors.
Documents and information Required to Start and register Proprietorship Firm
DOCUMENTS OF THE OWNER
- Colour Passport Size Photo – Two.
- Self-attested Aadhar Card.
- Self-attested PAN card.
- Cancelled Cheque in the name of applicant.
- Copy of Address Proof such as (Voter ID, Driving License, Passport, Bank Statement, Electricity Bill).
BUSINESS ADDRESS PROOF
- Registered Rent Agreement, Electricity Bill, Sale Deed, Property tax receipt or NOC.
- Electricity Bill should not be older than two months.
- NOC from the Owner of Premises.
PROCEDURE FOR INCORPORATION OF PROPRIETORSHIP
You can start your business as a proprietorship quickly within one day. That’s because the process begins with the online order at setyourbiz. Once the order for proprietorship setup is processed, we will initiate the documentation and further process. Of course, it’s entirely online, and there’s no need for you to visit our office. You’re welcome to contact us for any clarifications.
STEP 1: Documentation
STEP 2: Selection of a Unique Name
STEP 3: MSME – UDYOG Aadhar / Udyam
STEP 4: GST Registration
STEP 5: Other Tax Registrations
ADVANTAGES OF SOLE PROPRIETORSHIP INCORPORATION
The sole proprietorship is an easy form of business entity to start with minimum formalities. It is the simplest form of business entity that can be started by anyone with a single person or owner.
The personal liability of a sole proprietor is generally unlimited. This means that the sole proprietor is responsible for paying off any debt incurred by the business, even if they have personal assets that could cover it.
A sole proprietor has the freedom to do what they want with their company. They can choose to grow it or maintain it for as long as they want, without a board of directors or shareholders to answer to. A sole proprietor also has more control over how they spend their time than if they were employed by someone else.
Sole proprietorships are often the best option for freelancers to go with. They have lower taxes, and they aren’t required to pay any type of payroll tax. The biggest advantage of sole proprietorship is that its having lower taxes.