Sole Proprietorship
What is a Sole Proprietorship?
Freedom of decision making
Low cost of incorporation
Tax savings
Benefits of Proprietorship Firm Registration
You Are Your Own Boss
In a sole proprietorship, the owner has all the rights to decide what to do and how to operate. An owner need neither report to anyone nor take orders from anyone else. There is no interference of any third party. Unlike a corporate firm, there are minimum compliance or disclosure requirements during the entire financial year. Therefore, the government intervention is also very less.
Easy To Establish
It is relatively easy to set up and register a sole proprietorship business. There is no specific procedure to be followed to set up this business. Also the cost of sole proprietorship registration is very less as compared to any other business structure. The business itself runs on the identity of the owner. He can carry on any legal business under his own name or as a brand under a different legal name.
You Own Whole Share Of Profit
The owner is only the owner of the business and therefore owns the entire portion of the profits of the business. Furthermore, business assets are treated as the property of the owner and vice versa. He can decide when to withdraw or reserve profits.
Tax Benefits
Proprietorship business is not considered separately for the purpose of income tax. The tax slab specified for the income of an individual is applicable only on the income of the business. Tax rates are lower as compared to other business structures such as companies and partnerships. The benefit of deduction is an added benefit for individual and business with combined ITR.
Easy To Establish
It is relatively easy to set up and register a sole proprietorship business. There is no specific procedure to be followed to set up this business. Also the cost of sole proprietorship registration is very less as compared to any other business structure. The business itself runs on the identity of the owner. He can carry on any legal business under his own name or as a brand under a different legal name.
You Own Whole Share Of Profit
The owner is only the owner of the business and therefore owns the entire portion of the profits of the business. Furthermore, business assets are treated as the property of the owner and vice versa. He can decide when to withdraw or reserve profits.
Process to register Proprietorship online
Step 1
Pick a Package that best fits your requirements
Step 2
Fill in our questionnaire that take less than 10 minutes
Step 3
Provide basic details & documents required for registration
Step 4
Make payment through secured payment gateways
Step 5
Assigned Relationship Manager
Step 6
Registration under MSME Department
Step 7
Firm Seal
Step 8
Allotment of TAN
Step 9
All it takes is 4 working days*
Step 10
Application for PAN and TAN
Step 9
Certificate of Incorporation
Step 8
Documents drafting including MOA and AOA
Documents required for registration of Proprietorship Firm
PAN Card
Aadhar Card
Bank Details
Compare different business structures to choose the right entity type
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Act- Registration
- Number of members
- Separate Legal Entity
- Liability Protection
- Statutory Audit
- Ownership
- Uninterrupted Exist
- Foreign Participation
- Tax Rates
- Statutory Compliances
- Mandatory
- 2 to 200
- Yes
- Limited
- Mandatory
- Restricted
- Yes
- Allowed
- Moderate
- High
Person Company
- Mandatory
- Only 1
- Yes
- Limited
- Mandatory
- No
- Yes
- Not Allowed
- Moderate
- Moderate
- Mandatory
- 2 – Unlimited
- Yes
- Limited
- Dependent
- Yes
- Yes
- Allowed
- High
- Moderate
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