Who Should Register For A Sole Proprietorship?
A Sole Proprietorship provides maximum privacy to its owners and has an
easy establishment and operational process.
What is a Sole Proprietorship? - Overview
When a business is owned and governed by one person, it is called a sole proprietorship company. This type of business can be incorporated in fifteen days and hence makes it one of the most popular types of business to begin in the unsystematic sector, specifically among merchants and small traders. For a Sole Proprietorship business, registration is not required as it is identified through alternate registrations, such as GST registrations. However, its liability is unlimited and it also doesn’t have perpetual existence.
Benefits of a Sole Proprietorship
Sole Proprietorships have minimum compliance requirements as they are identified by government and tax registrations. Therefore, their agreements are confined to yearly filings of service, sales, or professional taxes.
Simple To Begin
A Sole Proprietorship is simple to begin. One needs to simply have a GST Registration in place. This business can be set up in 15 days with the help of a PAN card.
When compared to an OPC or One Person Company, a Sole Proprietorship is economical due to its minimum compliance requirements, including no need to hire an auditor. One of the main reasons why small merchants and traders choose this type of companies.
Checklist For A Sole Proprietorship
- A certificate/license issued by Municipal authorities under the Shop & Establishment Act.
- The license issued by Registering authorities like the Certificate of Practice IS issued by the Institute of Chartered Accountants of India.
- The registration/licensing document is issued in the name of the proprietary concern by the Central Government or the State Government Authority/ Department, etc,
- The banks may also accepts the IEC (Importer Exporter Code) issued to the proprietary concern by office of the DGFT as an identity document for opening of the bank account etc,
- Complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated and acknowledged by the Income Tax Authorities,
- The utility bills such as electricity, water, and the landline telephone bills in the name of the proprietary concern,
- Issue of GST Registration/Certificate.
How Buiznest Executes A Sole Proprietorship Registration Procedure
Our experts give your professional guidance on many of the processes involved in registering your business as a sole proprietorship, along with registration of service tax, sales tax, import/export code, professional tax or Shops and Establishments Act.
Our team will connect you with an established vendor who will book your application and also keep you updated on its status and progress. The vendors we have onboard are well-accomplished and skillful in managing native registrations.
15 Business Days
Our team will offer full assistance with the registration process. This could vary between 5 and 15 days, depending on the task at hand for the authorities involved.
What Are The Documents Required For Registering A Sole Proprietorship
To start a Sole Proprietorship, the following documents are required
- Address and identity proof
- PAN card, KYC documents and
- Rental agreement or sales deed (in case of Shops & Establishment Act Registration).
What Are The Documents Required For Opening A Current Account
To open a current account, the following documents are required;
- Proof of the existence of your business.
- Shops & Establishments Act Registration.
- PAN card.
- Address and Identity proof.
FAQs on Sole Proprietorship
Who can start a Sole Proprietorship?
How long does it take to establish a business with Sole Proprietorship?
What businesses are commonly run as Sole Proprietorships?
Aside from a current account, is there no need for any other registration?
Is it cheaper to run an LLP than a private limited company?
What if I wish to convert from Sole Proprietorship to Private Limited Company or Partnership?
60 Established Vendors
Buiznest has successfully completed 600+ registrations in the past year alone. We have partnered with some of the top experts in business across India to get your registration across to you on time.
9.1 Customer Score
We make your interaction with the government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
200+ Strong Team
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.
Designing is not intended for talented people. It’s for everyone. What you need to do is just to open up your mind to all possibilities.
Never stop learning. Consider yourself as a life-long learner and try your best to learn as much as you can, you definitely will succeed.
You can’t succeed if you just do what others do and follow the well-worn path. You need to create a new and original path for yourself.
“Theme is @intuitive to use. Even for a WordPress beginner like me, Brook offers all the functions and features with simple instructions”
“I’m running a multi-area website so this multipurpose theme is just what I need. @Brook really has great concepts for creative agencies like ours.”
“This is just the most powerful theme I’ve ever met. Love to talk with their staff about how to explore all the capabilities of the @Brook theme. ”
“ThemeMove’s support team was very @professional. They can help me with fast and accurate solutions to all kinds of issues. Five stars for them.”
“The theme navigation is smooth and clean. Thanks to @Brook theme, my blogs now attracts thousands of audiences on a daily basis.”
“Found myself lucky for purchasing this theme! The developers of @Brook theme offer me the best customer service for my website. Love it!”