You've jumped into the business world for yourself. You don't have excess paperwork to start a sole proprietorship. But there are some important things you need to know before starting your journey in entrepreneur’s world.
A sole proprietorship is most preferred for of business entity as it is simplest and easiest form of business to register and to maintain. There is no formal set of rules and regulation for sole proprietorship registration. However, in order to run a business there are certain requirements that are needed to fulfill.
A sole proprietorship is kind of business entity which solely owned, controlled and managed by a single person. It is the easiest way of running business, with the ease of registration process and with lease compliances responsibilities.
Sole proprietorship is the most common form of business practiced in India and is not governed by any specific book of laws. Proprietor has the whole rights of the business to himself in terms of legal formalities, decision making, finance etc.
There is no limited liability in case of sole proprietorship. As the proprietor and the proprietorship firm is treated as the same entity, the person who manages the business is the sole director as well as the shareholder and the proprietor can also sign the agreements or contacts in his name even if the business is registered under any other name. Also, the proprietor can use their personal accounts requirements.
Any individual who is want to commence a business with low capital should choose this kind of business form. Sole Proprietorship business is mostly preferred by small businesses holders such as retail, wholesale, etc. Such businesses have the simple business plan, nominal or the least financial risk and have small product market. The business with a little or minimal capital requirements can also prefer to start their work as Sole Proprietorship.
Nowadays, Proprietorships are also required to register itself under Tax laws such as GST Registration, if it falls under a certain category. A sole proprietor registration can be done by registering their business in -
Shop and Establishment
There are different registrations, licenses and permits to start your business that will be required along with the above registrations. This requirement depends on the kind of business a individual wants to run. For example, to start your food business as a proprietorship, you might need to register with FSSAI or get FSSAI License.
Is a sole proprietorship right for you to start?
If you're into business and haven't created a formal business structure, then probably you're already working as a sole proprietor– Next step is to understand various implications.
What are the Benefits under Proprietorship Registration -
Low tax liabilities
Easy to control as managed by single promoter
Freedom to choose any business name but not registered by a company
Easy to start with the minimal registration process
Easy to shut down the company with very less compliances
Taxes - All business profits are personal income for a proprietor and pay self-employment tax on those profits
Steps to Apply for Sole Proprietorship
Create order on our Website
We'll collect all your documents and file them directly with the authority
You'll receive your completed Sole Proprietorship Company package by mail
Documents Required, Compliance & Taxes
Documents Required to Regsiter Sole Proprietorship Firm
Voter's ID/Passport/Driver's License
Latest Bank Statement/Telephone or Mobile Bill
Rental agreement or sale deed (in case of Shops & Establishment Act Registration).
Compliances Required by a Proprietorship Firm –
TDS Return Filing
Filing Income Tax Return
Drafting of Financial Statements
Tax Audit Compliance
Documentation of invoices of sales and purchases
All business profits are personal income for a proprietor and pay self-employment tax on those profits.
Corpseed Four Step Process For Proprietorship Firm Registration
If above conditions satisfy your requirement, then Sole proprietorship best suits your business needs. Now in order to run a proprietorship business, a little more preparation will definitely go a long way.
There are different registrations, licenses and permits to start your business. For example, to start your food business as a proprietorship, you might need to register with FSSAI or get FSSAI License.
To Prepare & file business taxes can be complicated. Our expert CA/CS will help you to prepare and file tax forms correctly with the minimal fee and on time.
How to get proprietorship Firm Registration?
Connect With Corpseed
Connect with the team corpseed to discuss specific requirements for your business at IVR: +91 7558 640 644 or firstname.lastname@example.org. It takes 20-25 minutes to discuss requirement.
Once you discuss the requirement, we will align a dedicated Account managers are here to help understand your business and provide best solutions and assist you with the entire process.
Real Time Update
Use our platform to track progress of application and many more. Always know what is going on with your application, what is in progress, and what is done.
Once job is completed, you will receive documents directly to your email ID and at your doorstep along with 30 days payback guarantee incase not satisfied with the services.
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