Proprietorship Firm Registration

REGISTER A PROPRIETORSHIP FIRM

It takes 10 to 15 days for Proprietorship Firm Registration

Completely online service - No physical presence required.

No Minimum Share Capital required

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What is known as Sole Proprietorship?

A sole proprietorship is neither a corporation nor a company. The business is owned by an individual. Objective for sole proprietorship firm registration includes opening a current bank under the name of a small business.

When an individual has products or services as sole proprietor, he/she may start selling it. A lot of entrepreneurs are continuing to sell their product under sole proprietorship.

Generally, the income or loss is considered as the business income or losses by the proprietor in his or her personal income tax return.

What is known as

sole proprietorship registration in India?

Sole proprietorship registration is 100% digital process. Thus you can register your business without leaving your home or office. If you want to commence a sole proprietorship business, it is necessary to start with a number of basic needs. You need to have a current bank account on the name of business to facilitate its easy operations.

It is easy to start a business as a sole proprietorship firm in India with reduced costing and compliance. Sole proprietorship registration is needed for individually owned business. In India, doing business becomes easier so it is recommended to perform registration. This facilitates a business operating smoothly without any legal issue. Any of the following registration procedure should be selected:

Registration as SME

Registration of shop and establishment according to the law of the particular state

GST Registration

Aspects of

Sole Proprietorship firm registration

Individual's capital : -

In order to start the business or to continue its operations, the capital invested by the sole proprietor only. This can include his personal resources or borrowing.

Profit and Loss is not shared : -

All the income or loss generated from the sole proprietorship business belongs to owner only as business profit and loss is not shared.

Unlimited Liability : -

Unlimited liability is the main disadvantage of sole proprietorship business. If there is any loss, personal assets of the owner can be used.

Single Ownership : -

The complete business is owned by a single individual and entire assets and liabilities belong to him. All the risks linked with the business is also that of the proprietor.

Central and Single Management : -

All the activities and central administration are managed by a single person.

Reduced Legal Formalities : -

This type of business involves fewer legal formalities this is why it is easy to start, operate and end.

No legal dissimilarity between Business and Proprietor : -

There is not any legal difference between sole proprietorship business and its proprietor. Performance, expertise and intelligence of the owner are used by the sole proprietorship business for its operations.

Needs after the registration of

Sole Proprietorship Business

Follow GST Registration law for Proprietor

Avail advantages of MSME (Ministry of Micro Small & Medium Enterprise) Registration

Use of HAC or SAC Code cautiously at the time of GST Registration

Get professional services for GST Returns Monthly or Quarterly

All business and other income should be added in personal income tax return

Process of

Proprietorship Company Registration

Step 1 – Decision about the type of certificate to register sole proprietorship business in India

Step 2 – Coordination with our management and uploading your document for proprietorship registration online

Step 3 – Necessary payment after documentation as mentioned by our executive

Step 4 – You will acquire your certificate from the government after completing above 3 steps. Mail will be sent by govt department regarding approval of the online request for your proprietorship company registration.

Documents necessary for

Sole Proprietorship Registration

Sole Proprietorship isn’t controlled by any particular laws and it includes least and easy compliance process. Following documents are compulsory for sole proprietorship registration:

Registered office proof

Aadhaar Card

PAN Card

Personal Bank Account

Legal provisions for

a sole proprietorship include the following

Taxes – Any income earned by the sole proprietorship business is known as personal income, for which personal taxes are required to be paid. At the same time, there are no business taxes. Income taxes and advance taxes are to be paid based on income earned in previous quarter.

Besides income tax, a business should perform the following :

Payment of property tax on any real property like land and buildings Collection and payment of GST on taxable goods and services sold If a sole proprietorship business includes employees, employment taxes must be collected, reported and paid Audits

Proper books of accounts of sole proprietorship firm must be maintained

Audit is not mandatory if annual turnover is below Rs. 1 Crore. However internal audits may be conducted to identify loopholes and defaults if any