PROPRIETORSHIP REGISTRATION

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WHAT IS SOLE PROPRIETORSHIP REGISTRATION?

When a single person runs a business then such kind of business is called a proprietary business, and the owner of the business is called the proprietor. Proprietorship is the most widely recognized type of the business which is utilized in India. You can start and operate the business with least regulatory compliance. Be that as it may, there is no undeniable way available to register your proprietorship by the Indian Government. Tax registration and other business registration are the correct way to show the existence of your proprietary business. Following registrations can be utilized to show the existence of your proprietory Business

Professional Tax Registration.
GST Registration.
Shop and Establishment Registration.

The owner of a sole proprietorship business typically signs contracts in his or her very own name, because the sole proprietorship business has no separate character under the law. The sole proprietor owner will typically have clients compose checks in the owner’s name, regardless of whether the business utilizes an invented name. Sole proprietor owners can, and often do, blend personal and business property and assets, something that partnerships, LLCs and corporations cannot do. Sole proprietorship often have their bank accounts in the name of the owner. Sole proprietors need not watch formalities such as casting a ballot and gatherings associated with the more intricate business structures. Sole proprietorship can bring lawsuits (and can be sued) utilizing the name of the sole proprietor owner.

ADVANTAGES OF SOLE PROPRIETORSHIP REGISTRATION

Easy To Start and Close Business:

One a week’s time you can start your business saving your time and money.

Single Ownership:

Single ownership means less complications, also decision making is limited to one person.

No Restriction For Business Name:

There is no need to register or reserve the name for proprietorship purpose, you can directly start the business on any name of your choice.

Easy Closure:

Closure procedure is very simple with minimum formalities.

GST Registration Online Process

GST Registration Online Process

Documents Required For GST Registration

Disadvantages of Proprietorship

Starting a Proprietorship is very easy. Be that as it may, However, after the startup phase, a Proprietorship doesn’t offer the Proprietor a large group of advantages such as separate legal substance, limited liability proprietorship, corporate status, transferability, perpetual existence – which are desirable features for any business.

Separate Legal Entity::

A Sole Proprietorship doesn’t have a separate legal substance. Henceforth, opening a bank current account in the name of a business can be an increasingly protracted procedure for a proprietorship when compared to a Company or LLP.

Limited Liability Protection:

A Sole Proprietorship does not provide the Proprietor with limited liability protection. Hence, in case any loss or liability is created by the Proprietorship business, the Proprietor would be held personally liable for payment.

Transferability:

A Proprietorship business is linked to the PAN of the Proprietor. Hence, any license or registration obtained in the name of the Proprietorship cannot be transferred to any other person.

Perpetual Existence: 

A Sole Proprietorship business and the Proprietor are one and the same. Hence, the existence of the Sole Proprietorship is tied to the Proprietor. In case the Sole Proprietor is no more – the existence of the Sole Proprietorship business would also end.

Fundraising:

A Proprietorship business cannot raise equity funds from Angel Investors, Venture Capital firms and Private Equity funds. Banks also have restrictions on the amount of money they can lend to a Sole Proprietorship business.

Common Registrations for Proprietorship

As the identity of a Sole Proprietorship is established through various other registrations and licenses, the following are some of the common registrations that are obtained for a Proprietorship.

MSME Registration:

MSME or Udyog Aadhaar registration can be obtained in the name of the business to establish that the Sole Proprietorship is registered under the Ministry of Micro, Small and Medium Enterprises.

TAN Registration:

TAN Registration must be obtained for the Proprietor from the Income Tax department if the Proprietor is making salary payments wherein TDS deduction is required.

GST Registration:

GST registration must be obtained if the Proprietor is selling goods or services that cross the GST turnover threshold limit for registration. In most states, GST registration is required for service providers having annual revenue of more than Rs.20 lakhs and in case of traders – annual revenue of more than Rs.40 lakhs.

Import Export Code: 

Import Export Code or IE Code can be obtained from the DGFT in the name of the business – in case of a Proprietorship business undertaking export and/or import of goods into India.

FSSAI Registration:

In case the Proprietorship is involved in the selling of food products or handling of food products, FSSAI registration must be obtained from the Food Safety and Standard Authority of India in the name of the Proprietor.

FAQ

Only one person is required to start a Proprietorship and a Proprietorship can have only one promoter.

The Proprietor must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.

PAN Card for the Proprietor along with identity and address proof is sufficient to start a Proprietorship and obtain other registration, as applicable or required.

6. You will get the GST number on your Email id.registration

There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.

You can register a Proprietorship firm just by following the steps mentioned below:
Visit Legalstartup Website
Fill up a simple form on our website providing basic information about proprietor and business.
Provide relevant documents online and we will file them with relevant authorities.

Any Indian citizen who is a resident of India can become a proprietor.

GST and Income Tax Returns must be filed by a partnership firm.

One does not need to be physically present. Send the documents online or through whatsapp to us and we will register a company for you

Sole proprietorship as a business can not be transferred as whole instead one can transfer assets of the proprietorship from one person to another and negotiate on the liabilities of the proprietorship.

By providing relevant documents such as sole proprietorship proof,proprietor ID proof,proprietor Address proof,one can open current account in bank for a proprietorship.

When single person runs a business then such kind of business is called as proprietary business, and the owner of the business is called as proprietor.

The process of registration of a Sole Proprietorship firm can be completed in 2 to 20 business days, depending upon the type of registration. This takes further time in case there is any delay in government approval

The major benefit in a Sole Proprietorship business is that the trader is given concession in taxes. He is liable to pay tax at the individual tax rate, which is 10% and exempted from the corporate tax, i.e. 25%.

Proprietorship firms are business entity that are owned, managed and controlled by one person. So Partners cannot be inducted into a Proprietorship firm.

It is not necessary for Proprietorships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion.

Proprietorship firms are business entity that are owned, managed and controlled by one person. So Partners cannot be inducted into a Proprietorship firm.

Proprietorship firms are business entity that are owned, managed and controlled by one person. So Proprietorship firms cannot issue shares or have investors

Basic

all inclusive fees

RS. 1499

TAN Registration

ICICI Current Account Opening Assistance

STANDARD

STANDARD

RS. 2999

TAN Registration

ICICI Current Account Opening Assistance

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