A Sole proprietorship is a business which is owned, managed and controlled by a single person. It is one of the most common forms of business in India, utilized by small businesses operating in the unorganized sectors. The proprietorship is recognized by other registrations, such as a service or sales tax registration. It has too many shortcomings, such as unlimited liability of proprietor, and it does not have continuous existence. For these reasons, it is considered by small merchants and traders as a business structure. Sole Proprietorship Registration is done through Capital Flow.
Choose proprietorship because
- A Sole Proprietorship is cheaper as compared to OPC.
- Easy to establish with fewer formalities.
- A proprietorship with income of less than Rs. 2 Lakhs per annum is not required to pay income tax.
KEY POINTS ON PROPRIETORSHIP REGISTRATION
No Foreign Funding
Proprietorship business can't be supported with remote cash (No FDI). Proprietorship business can be set up and keep running by Indians.
The business wage of the proprietorship is incorporated into the ITR of the proprietor, subsequently more duty sparing in the budgetary year.
Simple to Start, Easy to Close
It can start promptly and there is no compelling reason to enlist it. So also, it can be shut without looking for any authorization.
Registration for your business
Acquire Tax Deduction Account Number (TAN)
Registration under Udyog Aadhar (MSME)
Shops and Establishment Registration
Registration with Professional Tax Department within 30 Days
Import Export Code (IEC) from DGFT in India
Goods and Services Tax (GST) Registration
Trademark Registration of Business Name, Brand and Domain Name.
Required Documents:- (All copies of documents should be self-attested by the customer)
- Address Proof (Utility bill must be less than 2 months old)
- Individual PAN
- Aadhaar copy
- Proprietorship Name
- Address Proof Of premises
- Rental agreement certification
- NOC (If the premises is not owned by the customer)
- List of sales/services to be carried out
- Cancelled cheque
- 1 Photograph of individual
- Phone number, E-mail Id of proprietor
- For foreign nationals, apostilled or notarized copy of passport must be submitted mandatorily.