Sole Proprietorship Registration
DIN + 2DSC + Name Approval + COI + MOA + AOA + PAN + TAN
Online Sole Proprietorship Registration in India Starting at just Rs. 2499/-
A sole proprietorship is a business that may be owned and controlled by an individual, company, or limited liability partnership. The legal status of a sole proprietorship can be defined as follows: It is not a separate legal entity from the owner of the business. This type of business can be incorporated in fifteen days and is, therefore, one of the most popular types of trades, beginning exclusively among traders and small traders. For a sole proprietorship business, registration is not required as it is identified through alternative registrations, such as GST registration. However, its liability is unlimited and it does not exist forever.
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Start business in a day
Among all other business forms, proprietorship formation is the easiest and can be started within one working day.
Easy to control and manage
Since there is no separation in ownership and control, it is quite easy to manage and control a proprietary business.
Easy To Close
There is no specific process to close a proprietorship firm. Just surrender all registrations and licenses and close merchandise.
Tax Advantage
As the taxable income is part of the proprietor's ITR, the benefit of slab-based income tax is available for ownership.
100% online & easy process
We help small business start their business in a completely online environment and without any hassle.
Ease of compliance
The compliance requirement is quite low, and there is no need to be audited or to file any annual returns.
A. DOCUMENTS OF THE SOLE PROPRIETOR
- Colour Photo - Two,
- Pan Card, Aadhar Card
- Cancelled Cheque
- Address Proof (Voter ID, Driving License, Passport, Bank Statement, Electricity Bill).
B. DOCUMENTS FOR BUSINESS ADDRESS
- Electricity Bill, Property tax receipt, Sale Deed, Registered Rent Agreement
- It should not be older than two months
- NOC from the Owner of Premises
Quickly start your business as a proprietorship within a day. No specific registration is required for proprietorship business. However, some other registrations are required to begin. The only proprietorship is the simplest form of business in which enterprises can start. Only one person invests the entire capital in the firm, and is entitled to the profits of the business alone. The proprietor's PAN card is used as the firm's PAN. Therefore you do not need to apply for a new PAN, although TDS number, GST registration and Udyogam are advised.
Step-1:Documentation - Day - 1
The process begins with the proprietor's documentation and the place of business where the firm's business will be carried forward, ensuring that the documents are updated and correct. The list of required documents is provided above the list of documents required for your reference. We will also need information in the Questionnaire for Proprietorship Registration, for the Proprietorship Registration.
Step-2:Selection of Name - Day - 1
The first thing is to choose a unique name for your proprietorship business and the starting point should be to search for the proposed name of the business in the trademark register to avoid any infringement on someone else's trademark. To learn more on trademark
Step-3:MSME - UDYOG Aadhar - Day - 1
DSC is equivalent to physical or paper signature under the Information Technology Act. For the registration of a company, all applications to the ROC are filed in digital format signed by its proposed director. The filing process of the company registration begins with the issue of a digital signature for the shareholder and director of the company.
Step-4:GST Registration - Day - 1-7
Until GST registration is received, you may not be able to supply goods or services across India, although the limit is 20 lakh for the same state supply. It also serves as the second document document issued for proprietorship, which will be required by banks when opening a bank account in the firm's name. Learn more on GST registration.
Step-5:TAN Number Allotment - Day - 1-7
The TAN number is a permanent number allocated to the business to comply with the provisions of the tax. You need to deduct TDS while making the payment, so the next step is to get the TAN number, which is mandatory to submit TDS return.
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1. Who can start a sole proprietorship?
Any Indian citizen who has a current account in the name of his / her business can start a sole proprietorship. Depending on the business you plan to establish, registration may or may not be required. However, to open a current account, banks usually require a shop and establishments registration. -
2.How long does it take to set up a business with a sole proprietorship?
It does not take more than 15 days to set-up and start a single proprietorship business. This simplicity makes it popular among small traders and traders. It is very cheap, of course. This is why it is the most widely used business structure. -
3. Which businesses are generally run as a sole proprietorship?
From grocery stores to fast-food vendors and even small merchants and manufacturers, most local businesses are run as sole proprietorships. This is not to say that big businesses cannot operate as sole proprietorships, they can! Jewelry shops are sole proprietors, but this is not recommended. -
4. Is it cheaper to run LLP than a private limited company?
Yes, running LLP is much cheaper as compared to a private limited company. Mostly because compliance, such as an audit, applies to LLPs only after their business. Most LLPs spend almost half as a private limited companies, in their first year on registration and compliance work. -
5. What if I want to change from a sole proprietorship to a private limited company or partnership?
The process involved is a bit tedious, but it is possible. It is very common for a sole proprietor to convert to partnerships or private limited companies at a later stage of their businesses.
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