SINGLE OWNER BUSINESS
A single owner sole proprietor business is simplest form of business in India. The law treats single owner and his Business as same and he is held personally liable for all business risks.
If you wish to register a sole proprietorship, all you need to do is register your Trade name and get a license that allows you to do business in your Trade name.
A sole proprietorship also referred to as a sole trader or a proprietorship, is an unincorporated business with just one owner. The simplicity of a sole proprietorship makes this form of business structure extremely popular among small businesses, freelancers, and other self-employed individuals.
1. Easy and inexpensive process
The establishment of a sole proprietorship is generally an easy and inexpensive process.
2. Few government regulations
Sole proprietorships adhere to a few regulatory requirements unlike other entities
3. Tax advantages
The sole proprietor pays only the personal income tax on the profits earned by the entity. The entity itself does not have to pay income tax.
Process of Proprietorship Registration
1. MSME registration – MSME registration or Udyog Aadhar is provided to the micro, small, and medium-sized businesses in India that comes under the Micro, Small, and Medium Enterprise Development Act, 2006 (MSMED).
2. TAN registration – TAN or the Tax Deduction Collection Number is a mandatory ten-digit number required for all persons who are supposed to pay the Tax deduction at source or TDS on behalf of the Government. The person deducting the tax at the source must deposit the deducted tax to the central Government to quote the TAN number.
3. GST registration – Depending on your nature of business and requirement, Our team will process for GST registration in the name of your sole proprietorship firm. for this you will need to provide some documents like aadhaar card, PAN card etc. This certificate will help you open a current bank account easily.
Document Required for Proprietorship
2. PAN Card
3. Aadhar Card
4. Electricity Bill or any other utility bill for the address proof
Frequently Asked Questions
Any Indian citizen can start a sole proprietorship firm.
Most local businesses are run as a Sole Proprietorship, from your grocery store to a fast food vendor, and even small traders and manufacturers. This is not to say that larger businesses do not operate as sole proprietors.
Thanks to Government of India’s digital initiatives, all registrations are completely paperless and online. We provide all services online so that you don’t need to move an inch from your office or home.
Team India will complete the process and share the confirmation/certificate with you.
What if I wish to convert from Sole Proprietorship to a Private Limited Company or Limited Liability Partnership?
You can always choose to do so. The procedure is very simple. It is very common for sole proprietors to convert into partnerships and private limited companies at a later stage.
- As a sole proprietor, you must file Income Tax Return annually.
- Also, you need to file your GST Return if you are registered under GST.
- A sole proprietor should also deduct TDS and file TDS return if liable for Tax Audit.
TeamIndia.co.in provides Proprietorship Registration all across India.
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09:23 30 May 23
As a loyal customer of Team IN Filings in Bangalore, I am thrilled to express my utmost satisfaction with the exceptional service they provide. Their expertise in GST filing services and other areas, combined with their commitment to customer satisfaction, has truly impressed me.When it comes to GST filing, Team IN Filings leaves no stone unturned. They have a highly knowledgeable team that meticulously reviews my financial records, ensuring accuracy and compliance with all regulatory requirements. Their attention to detail is commendable, and they always complete the filing process in a timely manner.Moreover, their additional service offerings, such as PT (Professional Tax) assistance, have been instrumental in simplifying my tax obligations. Team IN Filings exhibits a deep understanding of the tax landscape, providing valuable insights and guidance throughout the process. Their expertise has been invaluable in helping me navigate complex tax regulations.What sets Team IN Filings apart is their exceptional customer service. From the moment I engaged with them, their team has been attentive, responsive, and friendly. They patiently address all my queries, provide clear explanations, and ensure that I am fully informed about every step of the process. Their dedication to customer satisfaction is truly remarkable.I also appreciate the transparency and affordability of their services. Team IN Filings offers competitive prices without compromising on the quality of their work. Their pricing structure is fair and transparent, giving me confidence that I am getting excellent value for my money.In conclusion, I wholeheartedly recommend Team IN Filings for all your GST filing and other taxation needs. Their expertise, professionalism, and exceptional customer service have exceeded my expectations. I am incredibly grateful for their assistance and look forward to continuing my partnership with them in the future.Five-star rating: ⭐⭐⭐⭐⭐
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07:31 24 May 23
As a Client I m happy to work but unfortunately I became a Student of Mr.Prakash sir bcoz from 6 months almost I lost my interest on my Brand name but ,now I positively changed my mind nd Brandname to grow good Business its all credits goes to Praksh sir Bcoz,that much he had explained me like a Teacher about company nd brand building so really I m very happy to work forward with them so thank u soooo much sir..........
05:33 24 Apr 23
Highly professional team of CA, CS and trademark experts. Exceptional tax advisory services offered in Bangalore and they will help in company registration, GST filing, Income tax filing and management consultancy services.
05:24 24 Apr 23
Highly professional team of of Ca,Cs and trademark experts with highly knowledgeable experts. They help is gst filing, company registration and consultancy services etc . The Team In filings team are highly qualified and will help you company registration, accountants, gst filing, IT filings and management consultancy services .
Syed Bilal Irfan
04:55 22 Apr 23
Mr. Prakash and Mr. Damodara and entire Team IN Filings are very knowledgeable, cooperative and very prompt to requests and queries regarding GST filings, ITR filings and most importantly Mr. Prakash is highly professional when it comes to Company Incorporation and other compliances of Private Limited Company.It is highly recommended for any private limited company to go ahead with Team IN Filings. Kudos to the entire Team IN Filings.
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