SOLE PROPRIETORSHIP REGISTRATION

Register your business as Sole Proprietorship and avoid following any kind of legal compliances. Have
your full control over the business with Sole Proprietorship Registration.

Sole Proprietorship firm Registration price @ just 1,499/-*

Package Inclusion : –

  • Discussion on business model
  • Application submission
  • Registration certificate (as per nature of business)
  • GST & MSME Registration
  • Shop Act ( If required)

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    Benefits of Sole Proprietorship Firm Registration

    Sole Proprietorship Registration- StartMyBusiness-Benefits

    The benefits or the advantages of a Sole Proprietorship Firm is enumerated below:

    • The Proprietorship firm is not obligated to obtain Compulsory Registration.
    • An individual who wants to start a sole proprietorship firm can do it without following any
      formalities.
    • Another significant advantage annexed with the concept of sole proprietorship firm is the
      minimum compliance requirement.
    • A Sole Proprietorship firm is not required to get its accounts audited statements with the MCA
      (Ministry of Corporate Affairs) each year.
    • A Sole Proprietor having an income of less than Rs 2 lakhs is not supposed to pay the income
      tax.
    • A single person can easily start a Sole Proprietorship Firm.
    • For the Sole Proprietorship Firm Registration, there is no such minimum limit prescribed for the
      capital requirement as it depends upon the sole owner and his will.

    How to Start a Sole Partnership in India?

    In total, there are only two requirements that are to be followed while incorporating or establishing a Sole Proprietorship Firm in India. The following listed are the two requirements that are to be complied with for commencing or setting-up a Sole Proprietorship Firm:

    • Choose a Unique Business Name.
    • Choose a Location as the place of carrying out business.
    • After fulfilling these two requirements, one can legally start doing business. Also, Know the Reasons to
      Apply for Sole Proprietorship Registration.

    Documents REQUIRED

    PAN (Permanent Account Number) Card

    Aadhaar Card

    Bank Account

    INVOICE

    Registered Address Proof

    Further, a Sole Proprietorship Firm does not require any specific registration. However, in order to run
    a business smoothly and with ease, the owner of the business is required to get registered under the
    following listed:

    • GST Registration
    • MSME Registration
    • Registration under the Shops and Establishment Act

    Other documents required for the registration of sole proprietorship firm are as follows:

    • License or the Certificate issued by the Municipal Authorities
    • CST (Central Sales Tax) or VAT (Value Added Tax) certificate
    • ITR (Income Tax Returns) documents
    • Certificate granted by the Sales Tax or Service Tax or Professional Tax authorities
    • Certificate allotted by the Food and Drug Control Authorities, IMC (Indian Medical Council)
    • IEC (Import Export Code) allotted to the Sole Proprietor by the office of DGFT (Director General
      of Foreign Trade)
    • Utility bills in the form Water Tax Bill, Electricity Bill and the Landline Telephone Bills issued in
      the name of the concerned Sole Proprietor.

    COMPARISON

    Private Limited Company One Person Company Limited Liability Partnership partnership Firm Proprietorship Firm
    Act
    Companies Act, 2013
    Companies Act, 2013
    Limited Liability Partnership Act, 2008
    Indian Partnership Act, 1932
    No specified Act
    Registration Requirement
    Mandatory
    Mandatory
    Mandatory
    Optional
    No
    Number of members
    2 – 200
    Only 1
    2 – Unlimited
    2 – 50
    Only 1
    Number of Director/Partner
    2 – 15
    Only 1
    2 – Unlimited
    2 – Unlimited
    Only 1
    Separate Legal Entity
    Yes
    Yes
    Yes
    No
    No
    Liability Protection
    Limited
    Limited
    Limited
    Unlimited
    Unlimited
    Statutory Audit
    Mandatory
    Mandatory
    Dependent
    Not Mandatory
    Not Mandatory
    Ownership Transfer ability
    Restricted
    No
    Yes
    No
    No
    Uninterrupted Existence
    Yes
    Yes
    Yes
    No
    No
    Foreign Participation
    Allowed
    Not Allowed
    Allowed
    Not Alowed
    Not Allowed
    Tax Rates
    Moderate
    Moderate
    High
    High
    Low
    Statutory Compliance
    High
    Moderate
    Moderate
    Less
    Less

    Still Confused? Consult our Business Advisor for free!!

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      Frequently Asked Questions

      Sole Proprietorship is the best business form to choose if you want to begin your startup with limited funds and resources. Besides, it is the most feasible form of business if you want to execute your business plan with least legal compliances and minimum operational outlay

      The process of registration of a Sole Proprietorship firm can be completed in 2 to 20 business days, depending upon the type of registration. This takes further time in case there is any delay in government approval.

      The major benefit in a Sole Proprietorship business is that the trader is given concession in taxes. He is liable to pay tax at the individual tax rate, which is 10% and exempted from the corporate tax, i.e. 25%.
       

      In case you have to open a new Current account in the business name, you need to furnish the Shop Establishment certificate. Current account details are mandatorily required for setting up Sole Proprietorship.

      The task of Sole Proprietorship registration is performed by the Registrar of Establishments. 
       

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