SOLE PROPRIETORSHIP FIRM REGISTRATION
Register a Sole Proprietorship so you can manage, control, and start your own business!
Sole proprietorship is also known as sole trader, Individual entrepreneurship. Proprietorship is kind of entity that is Owned and managed and controlled by Individual person and has No legal distinction between owner and Entity.
Overview
What is sole Proprietorship?
Sole proprietorship is also known as sole trader, Individual entrepreneurship. Proprietorship is kind of entity that is Owned and managed and controlled by Individual person and has No legal distinction between owner and Entity.
Sole proprietorship is also known as sole trader, Individual entrepreneurship. Proprietorship is kind of entity that is Owned and managed and controlled by Individual person and has No legal distinction between owner and Entity.
Sole Proprietorship which is oldest form of Business, And Its Most common of type of business due to its simplicity, ease of setup and its Nominal cost, Proprietorship firm just has to register name and secure local license.
Who is proprietor?
Entrepreneur who owns and operate the business is called proprietor of the firm. A proprietor is whole and sole responsible for decision of firm. Liabilities of the firm are considered as the liabilities of proprietor because proprietorship doesn’t have separate legal entity.
Documents Checklist
Documents required for entity to called has proprietorship form
Goods And
Service tax
TAN Registration of Proprietorship entity
Import Export code (IEC) Registration
FSSAI Registration in case of Food Business
A Certified Copy from Chattered Accountant of establishment of Proprietorship firm
Udyam Registration which is also called as MSME Registration
Shop And Establishment Act, Which is also called as Gumasta license
Benefits
Advantages of sole proprietorship firm
Sole Proprietorship firm is easiest form of business. The best part of proprietorship is very less compliances. We don’t have to share our profits to anyone that we earned.
A lesser taxation policy and self-decision making power. Privacy of our entity and proprietary firm which is not publically available.
A. Decision making power
Sole proprietorship has complete responsibility and decision making power this result in faster taking decision for business.
B. Profit sharing
Sole proprietor has complete access and ownership of business. He is not obligated to share his Business earning to anyone.
C. Business Secrecy
A sole proprietorship is a single decision maker in business he is not binds by law to public his any business A.
Disadvantage of sole proprietorship firm
Proprietorship entity has unlimited liability against his proprietorship firms ends to his personal property. Limitation of management skill into his proprietorship entity though it has single decision maker. Limited scope of expansion due to lack of capital.
A. Unlimited Liability
If a sole proprietorship is unable to pay business debt from his business assets, creditors may purse personal property of sole proprietor in order to repay.
B. Lack of Resources
It become difficult to raise a large capital in sole proprietorship in comparison of private Limited company or any other incorporated entity. A sole proprietorship form of business runs on borrowing and personal saving. In growing business lack of finance can become a big obstacle for business.
C. Skill and Experience
A Sole proprietor may be good in all fields in making decision for his business. A Lack of Knowledge of Individual owner may flaw his business.
It can become for Individual to manage his business and take decision in all the fields.
Packages
Choose your package & proceed to pay
Process
Get the process done in 5 Easy Steps
FAQ's
Q. What is Sole Proprietorship-Firm?
Its Will better to say that when a single Person Run’s a Business is Know as Proprietorship. In Sole proprietorship business is unincorporated business with one person, where he has to file his personal Income tax on earned profit from his business.
Q. Who can register his business in sole proprietorship?
Any person above 18 years of sound mind and should be citizen of India with All KYC documents.
Q. What are advantages of proprietorship for Startup?
Below are few advantages of proprietorship for Startup
- 1. It’s Easy to form with less documents.
- 2. Less Expensive.
- 3. Less Legal & Statutory compliance.
- 4. Easy to Maintain.
- 5. Flexibility to start and close business.
Q. How long does it take to register a sole proprietorship?
Usually it takes 7 to 10 days to register sole proprietorship firm, depending on nature of business.
Q. What documents are required for opening bank current account in name of Sole proprietorship firm?
For Opening a current account in the name of sole business you should be having at least two documents and in the name of entity.
Below are few list of documents for sole proprietorship.
- 1. MSME / Udyam Registration.
- 2. GST Registration.
- 3.Shop & Establishment Act Registration popularly Known as Gumasta License.
- 4. Food License (If Applicable).
- 5. TAN Registration.
Apart from this Pan card, Aadhar card, And Passport size photo are also required for opening current account in the name of sole trader.
Q. What documents are required for opening bank current account in name of Sole proprietorship firm?
For Opening a current account in the name of sole business you should be having at least two documents and in the name of entity.
Below are few list of documents for sole proprietorship.
- 1. MSME / Udyam Registration.
- 2. GST Registration.
- 3.Shop & Establishment Act Registration popularly Known as Gumasta License.
- 4. Food License (If Applicable).
- 5. TAN Registration.
Apart from this Pan card, Aadhar card, And Passport size photo are also required for opening current account in the name of sole trader.
Q. What documents are required for opening bank current account in name of Sole proprietorship firm?
For Opening a current account in the name of sole business you should be having at least two documents and in the name of entity.
Below are few list of documents for sole proprietorship.
- 1. MSME / Udyam Registration.
- 2. GST Registration.
- 3.Shop & Establishment Act Registration popularly Known as Gumasta License.
- 4. Food License (If Applicable).
- 5. TAN Registration.
Apart from this Pan card, Aadhar card, And Passport size photo are also required for opening current account in the name of sole trader.
