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SOLE PROPRIETORSHIP REGISTRATION
@1890/-
Initiate your business with minimal liabilities and compliance requirements. Obtain your Sole Proprietorship Firm Registration online within 10 business days.
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SOLE PROPRIETORSHIP REGISTRATION
GET YOUR SOLE PROPRIETORSHIP COMPANY REGISTRATION AT JUST RS. 1890/-
Micro and small enterprises in the unorganized sector often opt to register themselves as sole proprietorship firms in India. A sole proprietorship is a type of business entity that is owned, managed, and operated by a single individual, with no legal distinction between the owner and the business itself. Establishing a sole proprietorship is straightforward as there are minimal regulatory requirements for its operation. This form of registration is suitable for entrepreneurs starting a new business with a modest client base. Sole proprietorships have limited liability and indefinite existence.
The sole proprietor solely invests in the business and assumes full responsibility for all its profits and losses. They have complete control over the management and administration of the business and can choose to hire assistance while retaining sole ownership.
Once registered as a sole proprietorship firm, you can initiate various local businesses such as grocery stores, salons, boutiques, retail stores, and more. Sole proprietorships are accessible to small traders and producers, as they are not subject to any specific regulations. In India, operating as a sole proprietorship is the simplest form of business, characterized by low costs and minimal compliance requirements.
IMPORTANT DOCUMENTS
DOCUMENTS REQUIRED FOR SOLE PROPRIETORSHIP FIRM REGISTRATION ONLINE
The following general documents are necessary for the majority of the types of registrations that are advised for sole proprietorship firms. For some sorts of registrations, there may be some exceptions. Owners should visit the official website of the government organization issuing the registration to ensure that they have all of the relevant paperwork.
The following documents are required to register a sole proprietorship firm online:
- Aadhar Card:The number on your Aadhar card is required for official registration. This is necessary to link the business with the other details associated with the Aadhar card.
- PAN (Permanent Account Number) card:To file Income Tax Returns, a PAN card is required at the time of proprietorship registration. As a result, obtaining a GST registration number is also required (if applicable).
- Bank account number:The bank account associated with office transactions must be given. If the applicant does not have a separate corporate bank account, this can also be his or her personal account.
- Registered office proof:Any registration requires certified office proof.
FEATURES OF SOLE PROPRIETORSHIP FIRM
FEATURES YOU CAN RESIST
EASY TO ESTABLISH
The formation of proprietorship enterprises does not require a lengthy registration process. A proprietorship business operates under the owner’s legal name. This clause eliminates the need to register the company separately until it is absolutely necessary. This simple registration process makes it easy for business owners to register their businesses, which is a good thing
EASY TO OPERATE
It is easier to comprehend and operate a firm when you are the only proprietor. Only the owner has the authority to make decisions. As a result, the choice is taken more quickly and in the best interests of the organisation. Because there is only one individual to make and implement strategies for the business, one-owner businesses have more easy operational functioning.
TAX ADVANTAGES
If the profits of a sole proprietorship are less than Rs. 2.5 lakh per year, the sole owner is not required to pay income tax. Starting small and saving money on taxes is a huge benefit for the company. It is important to note, however, that once the profits exceed Rs. 2.5 lakh per year, the company must pay income taxes.
SOLE BENEFICIARY OF PROFITS
Because there is only one owner of a proprietorship, there are no fixed restrictions governing the money made by the business. The gains are accumulated by the owner, who then invests them in the market and other activities. Sole ownership eliminates the company’s benefit-related conflicts. Money is brought in to help the firm’s processes run smoothly.
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FREQUENTLY ASKED QUESTIONS
There is no set minimum amount required to start a proprietorship firm registration process; once registered, you can start it with as little as Rs. 10,000 or as much as Rs. 1 crore.
As the name implies, sole proprietorship means that there is only one person who owns and manages the business.
No, a rented office space can also be used for the sole proprietorship registration online as well. The rental agreement and a letter of authorization from the landlord are required for the registration application.
A proprietorship firm registration process online can be completed in about 15 days
for Sole proprietorship firm registration online is only required if your yearly turnover exceeds Rs 40 lakh; else, it is an optional component of your registration application. If you live in a north-eastern Indian state and have a turnover of Rs.20 Lakhs however, then GST registration is required
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