Sole Proprietorship Registration
- Completely hassle free registration process.
- Dedicated tax expert for you.
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What is Sole Proprietorship?
A sole proprietorship is a type of business enterprise that is owned and run by only one person where no legal distinction exists between the owner and the business entity. It is a kind of preferable and popular form of business with simple registration procedure.
Sole Proprietorship Firm Registration is Single Person Firm Registration and is required to open current bank account in the name of business so to simplify it is a firm which is doing business in India with low compliances and low costing. The profit/loss of the company is considered as the profit/loss of the individual and the income of the company are considered as the income of the owner as per the Income Tax Act.
Process of Sole Proprietorship Registration
Get Expert Advice:
You can get expert advice on Sole Proprietorship registration.
Document submission and verification:
Once you submit the documents required, our experts will do the paperwork.
Filling Application:
We will file the application with the concerned authorities and resolve any queries raised by them.
Registration certificate issued:
Once approved, you will receive the registration certificate.
Advantages of Sole Proprietorship Registration
Minimum Compliances:
The sole proprietorships are not administered by any specific law; therefore the legal compliances are automatically quite minimal. Further the compliances in a sole proprietorship depend upon licenses or registrations taken by a specific sole proprietorship.
One Owner
In a sole proprietorship, the proprietor has all the rights to decide what to do and how to operate. A proprietor can take his own decisions & he neither needs to report someone nor take orders from anyone else.
Lower rate of tax
The tax slab as specified for an individual’s income is only applicable to the income of the business. The sole proprietor is required to file IT returns, showing the profits earned in the business.
Easy Formation
There is no separate registration procedure for proprietorships. Only licenses or registrations specific to the nature of particular business are required. Therefore, any person can start his/her business very easily with a trade name of their own choice unless it does not infringe with any brand name.
Documents required for Sole Proprietorship Registration
- Proof of Proprietor
PAN Card And Aadhar Card of Proprietor.
- Address proof
Property Tax Receipt/Electricity Bill Copy/ Ownership Deed (in case of owned property)/ Lease rent agreement (in case of leased/ rented property)/ NOC from the Owner.
- Bank Statement
Bank Statement/ Bank Passbook of Proprietor.
- Photograph
Recent pasport size photograph of Proprietor.
Packages
Basic
What's included
- Sole Proprietorship Registration
- Expert Consultancy
Basic
What's included
- Sole Proprietorship Registration with GST Registration
- GSTR-1 Filing (For a period of 1 Year)
- GSTR-3B Filing (For a period of 1 Year)
- Expert Consultancy
Basic
What's included
- Sole Proprietorship Registration under GST
- GSTR-1 Filing (For a period of 1 Year)
- GSTR-3B Filing (For a period of 1 Year)
- Financial Statements Preparation
- Annual Accounting
- Income Tax Return
- Expert Consultancy
Frequently asked questions
Can a sole proprietorship business have two owners?
No, a sole proprietorship can be formed with only one person as its owner.
Who can start a sole proprietorship?
Any Indian citizen with a current account in the name of their business can start a sole proprietorship business.
Is TDS applicable for Sole proprietorship?
No, a sole proprietor is not liable to pay TDS.
What is the tax liability of Sole Proprietors?
The sole proprietors are liable to pay advance tax in their incomes. Here, their Income is the net profit earned after deducting all the expenses.
Do sole proprietorships need to be registered like LLPs or Partnerships?
It is not mandatory for sole proprietors to register their business. However, by getting certain business registration certificates or licenses you can avail various tax benefits offered by government.