A sole-ownership or single-ownership business is known as a sole proprietorship. It’s among India’s oldest and most traditional types of business structures. It’s among India’s most accessible and popular kinds of business practices.
The proprietorship company is managed, owned, and controlled by a single individual. The individual’s Pan card is used only to manage business operations for the Proprietorship. It’s an easy way to get started with minimal regulatory compliance.
Proprietorship Firm Registration
In the proprietorship model, an individual’s Pan card is just the entry point to begin your business.
There isn’t additional registration needed for a sole proprietorship company.
An individual resident of India can start their company as a sole owner on his own. Find instant Sole Proprietorship company registration through Team IN filings using our online mode system. This will allow you to get the process and paperwork completed quickly.
Sole Proprietorship establishment
If an individual is looking to manage the business in his name or with a fancy name for a business, then a sole proprietorship company is the ideal choice.
He can start the sole proprietorship company immediately after obtaining the necessary additional license according to the company’s nature.
· IEC registration is required if he plans to import export and Import Export.
· If he plans to operate a hotel business, The FssaI registration is mandatory.
· If the person is planning to trade, Registration for Gst is necessary.
In a sole proprietorship company, the sole proprietor controls the entire business. Moreover, risks are not shared with any other entity or parties. Therefore, the trouble is unlimitable and managing the company in the highest privacy.
Documents needed to be used for Proprietorship.
A person is the only one who can begin an enterprise as a proprietor in India. He must possess the following documents to start a proprietorship company in India.
· His Pan card
· His Aadar card
· Bank a/c
· Office address proofs such as a rental agreement, electric bill, etc.
· Number of mobiles and email ID
Process of Proprietorship Registration
The company must submit the necessary documents if a person decides to establish a proprietorship company in India. Our Team will develop the checklist according to how the firm operates.
If you want to establish a trading enterprise and want to start a trading company, the following checklist will be like this:
Your entire collection of documents, together with:
· Business name: example, Kiran Enterprises
· The objectives and the actions of the company: for example, Retail business
· rental agreement, as well as the electricity bill for Gst registration
After receiving the above information, We will finish the registration process and hand you the Certificate. Each proprietorship business owner has to possess a valid bank account to conduct a company in India.
The time needed to obtain the Proprietorship company in India
A person can only begin a business using their pan card, so establishing a proprietorship company is quick. Other business requirements have to be met like
· Msme Registration is completed within two days.
· Establishments and Shops in 5 days or less
· IEC code for exporting business – Within two business days
· Trademark Registration for Branding – in 2 days
Fees Proprietorship business registration in India
Here are some of the leading basics needed for a sole proprietorship company.
· Msme Registration cost starts at Rs.1000
· Shops and Establishment – – cost starts at Rs.3000
· IEC code to export business costs form from Rs.3000
· Trademark registration to mark your brand Cost starts at Rs.8000
Advantages of Proprietorship
The most valuable benefit for a business owned by a single proprietor is
· Easy to set up, and no licenses are required.
· More straightforward paperwork, no pan, and aadar needed.
· Simple tax calculation, according to the tax rate for each individual.
· Flexible and free to begin the business
Other issues related to Proprietorship
Since ownership lies with one person, here are the problems
- The risk associated with the proprietorship business is unlimitable. If there is a risk that cannot be addressed by business capital, the owner must pay with the personal resources of his company.
- Businesses, as well as other banks / financial institutions, are not accessible.
- Selling a business can be difficult because there isn’t a separate registration for a sole proprietorship company.
- The size of the business is not the issue as the only person in charge of everything and bringing the company up to the top is not easy.
The Team In filings Bangalore based Proprietorship business registration, Company Registration, LLP Registration and Trademark Registration Consultant Associates and professionals practicing from last 15+ years in Bangalore, providing host of services including Business setup, Trademark registration, Trademark objection filing, Trademark hearing etc,
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