All about Proprietorship Registration
Proprietorship Registration
Sole proprietorship is most popular form of business one can run it is less costly, easy to make and its also had a advantage of less compliance to follow, Legally a sole proprietor and his business are seen as same legal entity. The single person is the owner of the entity as well as they are liable for the liabilities occurred in the business personally. A sole proprietorship can operate under the any name by his name itself or under the another name like we see in traditional market proprietor run business in the name of God and Goddess like Maa Laxmi, Shiv, Ganesh etc.
Th fictitious name will be your Brand name under which an organization are working for example Paytm is a brand name of one97 communication private limited, here organization name one97 communication private limited but their brand names Paytm.
The sole proprietorship is a popular business form because of its nature easy to start and less compliance form of business
- GST Registration: This is most popular form of sole Proprietorship registration under this you will have pay GST taxes once you get your registration.
- MEME Registration/ Udhyog Adhar: MSME is a simplest and easy way to register your Sole proprietorship firm, unlike GST registration which required to pay taxes on their sale and filled monthly return, there is no such legal compliance required in MSME registration
- Shop and Establishment: A sole proprietor can take registration under shop and establishment you can registered your firm under the act, from 1 to 5 years at a time after which there is a requirement to get their license renewal
However, one of the disadvantages is that the owner of a sole proprietorship remains personally liable for all the business’s debts. So if there is any liability arise in the business the sole proprietor is personally liable for all the debt of business.
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Documents Required for sole propritorship registration
1. Pan Card
Individual PAN card is required for registration. In proprietorship no separate PAN card will applied.
2. Aadhaar Card
For proprietorship registration we need Adhaar card of individual ( Some time Voter ID may work ) for address of individual.
3. Saving Bank Details
Bank account details is required for registration. We need Passbook first page and latest statement. Also provide us Bank account number, IFSC code and Branch name
4. Business address proof
For business address proof we need Electricity bill, rent agreement or any other government utility bill
Reasons for Sole Proprietorship
1. Single Owner
Individual PAN card is required for registration. In proprietorship no separate PAN card will applied.
2. Easy to Start
For proprietorship registration we need Adhaar card of individual ( Some time Voter ID may work ) for address of individual.
3. Less documents required
Individual PAN card is required for registration. In proprietorship no separate PAN card will applied.
4. Taxation benefits
For proprietorship registration we need Adhaar card of individual (Some time Voter ID may work ) for address of individual.
5. Less Compliances
Individual PAN card is required for registration. In proprietorship no separate PAN card will applied.
6. Easy to exit
For proprietorship registration we need Adhaar card of individual ( Some time Voter ID may work ) for address of individual.
REGISTRATION PROCESS
Step-1
Single Owner
Individual PAN card is required for registration. In proprietorship no separate PAN card will applied.
Step-2
Easy to Start
For proprietorship registration we need Adhaar card of individual ( Some time Voter ID may work ) for address of individual.
Step-3
Less documents required
Individual PAN card is required for registration. In proprietorship no separate PAN card will applied.
Step-4
Taxation benefits
For proprietorship registration we need Adhaar card of individual ( Some time Voter ID may work ) for address of individual.
How Ovakil help with Proprietorship Registration?
Ovakil helps you for registering Proprietorship business, it usually take 2-3 days for all process.
1. Shop Establishment Registration
For proprietorship registration there are many type of registrations. Shop establishment one of them, the process of this registration is different in every state of India
2. GST Registration
This registration will take 2-3 days and GST registration is sufficient to open current account for business.
3. Udhyog Adhaar Registration
Udyog Aadhaar is a registration for all micro, small and medium sized businesses. This registration along with a GST registration can be used for opening of bank account.
FAQs
Any Indian citizen can start a sole proprietor firm simply by having a pan card and one current account.
All you need one pan card and one current account, Opening a current account you need one government registration it can be service tax registration, vat registration, shop or factory act registration.
A sole proprietorship business generally require 2-3 days to form an entity it includes any government registrations if any.
Mostly small business is run in sole proprietorship, like retailer, traders, small manufactures, but for big business, Proprietorship is not concerned good option.
Yes you always have an option to convert your sole proprietorship in to company simply by contact us and we only require documents for converting in to company.
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PAN CARD
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GST REGISTRATION
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MSME REGISTRATION
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EXPERT ADVICE
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ISO CERTIFICATION (1 YEAR)
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TRADEMARK GEGISTRATION
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PAN CARD
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GST REGISTRATION
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MSME REGISTRATION
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ISO CERTIFICATION (1 YEAR)
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EXPERT ADVICE
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TRADEMARK REGISTRATION
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PAN CARD
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GST REGISTARTION
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MSME REGISTARTION
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ISO CERTIFICATION (1 YEAR)
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TRADEMARK REGISTRATION
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EXPERT ADVICE
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