Sole Proprietorship

Overview

A sole proprietorship firm is such a kind of business entity that’s owned, controlled, and managed by one person. The owner of the Business is named Sole Proprietor of the Firm. it’s very easy to begin as there are fewer legal formalities and lesser formation costs involved.

Book My Consultant is a renowned business platform, which helps in incorporation, compliance, advisory, and management consultancy services to clients in India. Incorporating a Proprietorship Firm is simple, seamless, cheapest, and quickest with bookmyconsultants.com! You shall get in touch with us for a free consultation.

Our Process

Estimated time to complete the process – 3-4 working days

Step 1

Initial Discussion & Consultation

Step 2

Collection of Basic Information

Step 3

Collection & Compilation of Documents

Step 4

Preparation & Submission of Online Application

Step 5

Obtain Registration Certificate

Step 6

Dispatch of all Certificates and other deliverables.

Choose Your Package

Basic
- ₹ 1000
- - GST REGISTRATION
  - BANK ACCOUNT OPENING SUPPORT
- Purchase Now

Premium
- ₹ 3500
- - GST REGISTRATION
  - MSME REGISTRATION
  - BANK ACCOUNT OPENING SUPPORT
  - E WAY BILL PORTAL REGISTRATION
  - 3 MONTHS GST RETURN FILLING
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Ultimate
- ₹ 10000
- - GST REGISTRATION
  - MSME REGISTRATION
  - BANK ACCOUNT OPENING SUPPORT
  - E WAY BILL PORTAL REGISTRATION
  - 1 YEAR GST RETURN FILLING
  - 1 YEAR INCOME TAX RETURN FILING
- Purchase Now

Benefits

Quick decision making

Control over all business decisions remains within the hands of the owner. This makes sure quicker business deciding and faster execution. Owners have direct control over all decisions.

Easy to begin

The registration process for starting a sole proprietorship firm is extremely easy compared to other business structures. One can get a Registration Certificate within 1 working day. Obtaining a GST registration is additionally very quick and straightforward.

Tax benefits

The owner of a sole proprietorship isn't required to file a separate business tax report. The business is going to be taxed at the rates applied to non-public income, and not corporate tax rates. this means huge tax savings.

Inexpensive

A Sole Proprietorship is inexpensive as compared to all or any other sorts of organizations. Also on account of the minimum compliance requirements, it's inexpensive even at end of the day. There are minimal compliance filings and lots of concessions in various laws.

Documents Required

To start a Sole Proprietorship, the following documents are required

Address and identity proof

PAN card, KYC documents

Passport size Photograph

Rental agreement or sale deed (in case of Shops & Establishment Act Registration).

To open a current account, the following documents are required

Proof of the existence of your business

Shops & Establishments Act Registration

PAN card

Address and Identity proof

GST Registration Certificate.

Although sole proprietor doesn’t require any specific registrations, it is advised to obtain a few registrations to make his business function smoothly.

Registering as SME

Shops & Establishments Act Registration

GST Registration

Clear All Your Doubts !

Who can start a Sole Proprietorship?

Any Indian citizen can start a sole proprietorship firm.

What are businesses commonly run as Sole Proprietorship?

Most local businesses are run as a Sole Proprietorship, from your grocery to a fast-food vendor, and even small traders and manufacturers. This is often not to say that larger businesses don't operate as sole proprietors.

Is registration online or I even have to submit any documents to the government office?

Thanks to the Government of India’s digital initiatives, all registrations are completely paperless and online. We offer all services online in order that you don’t need to move an inch from your office or home.

What documents are needed for opening a current account within the name of my Sole Proprietorship?

To open a current account, you need proof of the existence of your business. Many banks will ask for MSME registration and/or GST Registration. Additionally, you'll need a PAN card and address, and identity proofs.

What if I wish to convert from Sole Proprietorship to a private limited company or limited liability Partnership?

You can always prefer to do so. The procedure is extremely simple. It's quite common for sole proprietors to convert into partnerships and private limited companies at a later stage.

What compliance do I want to try to do once I register my firm as Sole Proprietorship?

As a sole proprietor, you must file an income tax return annually.
Also, you need to file your GST Return if you're registered under GST.
A sole proprietor should also deduct TDS and file a TDS return if responsible for Tax Audit.

What is the minimum capital required to start a proprietorship?

There is no limit on the minimum capital required to start a proprietorship.

Are there any requirements imposed on sole proprietors?

Yes, most businesses need licensing and permits to operate—your business structure doesn’t change that. Additionally, you’ll want a business bank account to withstand scrutiny from IRS. To open one, many banks require a separate business name, which means you’ll need to file for a “Doing Business As” ( DBA) certificate.

Let’s start your business journey with Book My Consultant.

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