Professional Assistance for Proprietorship Formation

Why Choose Proprietorship?

Sole proprietorship is one of the oldest and easiest Business Structure to start in India. A proprietorship is a type of business that is owned, managed, and controlled by one person - who is the proprietor. As the proprietorship and proprietor are one and the same, it is very easy to start and there are very minimal compliance requirements. As the proprietor and the business are one and the same, a proprietorship cannot have other partners or shareholders. Further, there is no limited liability protection for the proprietor from the business activities conducted in the sole proprietorship. Hence, this type of business entity is best suited for every small businesses with no more than 5 employees.

Advantage

A sole proprietor has complete control and decision-making power over the business.
Sale or transfer can take place at the discretion of the sole proprietor.
No corporate tax payments
Minimal legal costs to forming a sole proprietorship
Few formal business requirements
Sole proprietor manages the business
No need to file income tax return if total income is below 2,50,000/-
No need to pay tax if income upto 5,00,000/- after deduction

Disadvantage

The sole proprietor of the business can be held personally liable for the debts and obligations of the business.
this risk extends to any liabilities incurred as a result of acts committed by employees of the proprietorship firm.
All responsibilities and business decisions fall on the shoulders of the sole proprietor.
Investors won't usually invest in sole proprietorships.

Documents

PAN card of Applicant
Address Proof of Applicant (Voter ID, Passport, Aadhaar Card, Driving License)
Cancelled Cheque of Bank Account
Registered Office Address Proof Electricity Bill along with
Photograph of Applicant
Rent Agreement plus NOC (if Rented) Ownership proof (if Owned)

Steps involved

Step One

Please provide us the required documents to initiate the process

Step Two

Startup Consultation

Step Three

Goods & Service Tax Registration

Step Four

Import Export Code

Step Five

Bank Account

Step Six

Done!

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Proprietorship Registration

Get an instant start to your small business without any complications or delays

By Lalit Kansal