A sole proprietorship is any business that is a single person operation. It also is the oldest, most universal and elementary way to set up a business. What differentiates a sole proprietorship from a limited liability company or a corporation is that the business owner cannot be separated from their business. A sole proprietorship is a business that is owned, managed and controlled by one person. We can help you establish an identity for your Proprietorship by obtaining the relevant registrations.
VAT registration Contains TIN (Tax Identification Number) which is required to issue Tax invoices to other parties and get the benefit of input tax credit.
Proprietorship business have little compliance burden as compared to private limited companies , hence owner can more focus on other functional and core areas.
You, only the owner helpful in quick decision-making, controlling and managing the business without following any elongated processes and methodologies as required. The sense of belonging inspires to grow the business further.
A Sole Proprietorship is inexpensive as compared to a One Person Company (OPC) and, due to the minimal compliance requirements, is inexpensive even over the long-term.
In sole proprietorship business the proprietor has full control over each and every activity of the business. Since the proprietor has all authority with him, it is possible to exercise better control over business.
There is a need of only one person to start a proprietary business. There is no need to perform and submit an audit annually unless turnover cross specified limit or Like a private limited or LLP the proprietary firm is not required to filing at MCA.
• PAN Card of Person
• Identity and address proof (Adhar Card , / Voter ID / Passport / License ) any one
• Light Bill / Rent agreement / index II of Office
There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.
Proprietorship firms do not have a Certificate of Incorporation or Certificate of Registration as issued in case of company or LLP. Proprietary firm have registration certificate issued by government authority.
Only one person is required to start a Proprietorship and a Proprietorship can have only one owner
Our expert tam can understand your business plan and help you start a Proprietorship by obtaining the important registrations. We will help to obtain the necessary registrations to help the Proprietor open a bank account in the name of the business, thereby proving an identity for the business.
No,The PAN Card of the Proprietor will be the PAN Card of the Proprietorship business the Proprietorship firm and the Proprietor are one and the same. Therefore, there will be no separate legal identity for the business.
No, Proprietorship firms are business entity that are owned, managed and controlled by one person. So Partners cannot be inducted into a Proprietorship firm.
Proprietorship will have to file their annual tax income return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filing may be as per the act and nature of business. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.
Send us necessary documents required for shop Act registration. Our expert will advise on same.
Our expert team will prepare and file application for shop act registration. There is no need to file the application physically to department its online process.
After application submission department verify documents and issues registration certificate as Shop Act.
Our experienced team of professional and help you in deciding and incorporating Private Limited, LLP, One Person Company, proprietary firm and other business entities. We advise on complete one roof services for business registrations.
We are a team of expert’s offering Business Taxation Services in direct and indirect taxation to the manufacturers, Traders, Dealers and service providers of the industry for all taxation in India. Effective tax planning helps to reduce pricing
Indian companies and LLP are require do comply with various statutory provisions by filling return with MCA. Our teams helps for timely filling of compliance. Timely filling of returns avoid late filling penalty.