Sole Proprietorship

Sole Proprietorship in India

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Intro

₹ 2,999/-

All-inclusive Price for GST Registration, MSME Registration

  • Expert Consultation
  • Preparation of required documents
  • Drafting & filing of the GST, MSME Applications Online
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your account
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Base

₹ 7,999/-

All-inclusive Price for GST Registration ,MSME Registration, TAN & GST Returns

  • TAN Number
  • Filing of GST Returns For 1 Quarter1
  • Filing of TDS Returns (Upto 10 Entries)
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your account
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Pro

₹ 15,499/-

All-inclusive Pricefor GST, MSME Registration withTrademark Registration or Trade license**

  • Everything in Base Plan
  • Trademark Registration
  • TM Class & Search Assistance
  • Trade License2
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your account
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As per the following timeline, your selected plan will be processed

Day 1-3

We collect the necessary information and documents

Day 4-7

We draft required documents as per the plan opted

Day 8-10

We proceed to submit the documents online

Finally

Government Processing Time

Sole Proprietorship Registration: An Overview

In their early stages, sole proprietorships are the most common type of small business. Individuals own, manage, and control a sole proprietorship. He oversees the daily operations of the business. In addition to raising capital, he is also responsible for managing the company. Therefore, he is entitled to the profits and must bear the losses of the business. A sole proprietorship owns all the assets of the business. In addition, he is fully responsible for all its obligations and debts. A sole proprietor and businesses are the same in the eyes of the law and the populace. The sole proprietorship registration requires a few local formalities and the GST registration, if necessary.

It is the easiest and simplest business organization to form. The reason for this is that it does not require much legal formality to establish. If you want to build a factory, the local government must give your permission. In the same way, it is only necessary to gain approval from local authorities to open a restaurant. Likewise, a grocery store proprietor has to follow the local administration’s rules to operate their establishment.

What are the benefits of Sole Proprietorship Registration?

Easy formation

Easy formation There are no legal formalities associated with setting up a sole proprietorship business. There is no specific law governing it. The law requires that a business activity be lawful and follow local government rules and regulations.

Better Control

As a sole proprietorship, all business operations decisions are made by one person, making it simple and easy for a business to run. Furthermore, sole proprietors can change the scope and nature of their business. As a result, businesses are better able to control their operations.

Sole beneficiary of profits

In a sole proprietorship, the profits belong exclusively to the owner. The relationship between effort and reward is direct. As a result, he works hard and takes risks in business.

Benefits of small-scale operations

Small businesses are generally organized as sole proprietorships. As a result, family members of the Proprietor are employed in the business. In addition, such a business is entitled to certain government concessions. For instance, small industrial organizations are eligible for privileged rates for electricity and water supply.

What is the difference between Sole Proprietorship & One Person Company(OPC)

Control

The Sole Proprietorship model fully integrates ownership, management, and control, so an entrepreneur has complete control over his business. In contrast to a sole proprietorship, a one-person company is a legal entity that distinguishes between the owner and the company.

Liability

In the event of a default or legal issue, the promoter’s liability is limited in an OPC. Unlike an OPC, a sole proprietorship business does not restrict its liability. It extends it to the sole Proprietor and their total assets, which means they would be liable for any debts owed to the business.

List of Documents Required for Company Registration in India

  • Details of Business/Trade
  • Aadhaar Card
  • Pan Card
  • Business Address Proof

Here Are Some Frequently Asked Questions

What is a Sole Proprietorship?
A sole proprietorship consists of only one owner and is not registered with the state, as opposed to a company. Sole proprietorship registration doesn’t require any paperwork to get started — all you need to do is go into business. A sole proprietorship does not require you to file paperwork, but you will still need business licenses and permits just like any other form of business.
Such businesses are ideal for anyone wanting to start a business at a low cost. You can start it within a week or two. In addition, you have sole control over the business.
Profits from your sole proprietorship are treated as personal income and are reported on your tax return.
Yes. Unlike other forms of incorporation, you are personally liable for any debts or judgments against your sole proprietorship. To collect debts owed by your business, debt collectors can go after your assets, including homes, cars, etc. For this reason alone, it is vital to be cautious before establishing a sole proprietorship.
Not necessarily. It is important to remember that every business is unique, and there may be cases when a Company, LLP, or some other kind of business structure is a better fit. A sole proprietorship may also need to consider specific liability issues.