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WHO IS A PROPRIETOR ?
A Sole Proprietorship is a type of unregistered business entity that is owned, managed, and controlled by one person. Sole Proprietorship is the most common form of business in India, used by most micro and small businesses operating in the unorganized sectors. Proprietorships are very easy to start and have very minimal regulatory compliance requirements for starting and operating. So, it's ideal for small businesses and first-time Entrepreneurs who would like to get a taste for business.
WHO SHOULD OPT FOR SOLE PROPRIETORSHIP ?
If you are planning to initiate your business with a small investment, registering as a sole proprietor is a perfect choice. In this model, you will have minimum compliances making it suitable for small traders and local businesses. Small shopkeepers, traders, and self-employed professionals should register under this model for ease of doing business.
No specific registration is needed to set up a sole proprietorship business in India under the law. According to the nature of the business, registrations like TAN, GST, and Unique name can be registered
Proprietors are exempted from any other compliances other than regular Income Tax Return and GST returns(if eligible). Taxable income is the same as the individual for the proprietorship firms.
- PAN card [ of the Owner – Permanent Account Number, mandatory for all business activities ]
- Address proof [ Voter ID, Adhaar Card, Driving License of the applicant ]
- Signature [ A signature specimen of the applicant ]
- Passport Photo [ Clear photo of the applicant ]
- Address proof of the place [ of the business-Electricity bill, Legal ownership Document, Municipal Khata copy, Telephone bill, etc. to
confirm ownership of the business place ]
- Rent agreement [ in case the business place is rented- Notarised Rent agreement, duly signed by the tenant and Owner along with two
witnesses Consent letter if the place is acquired by consent: Consent letter with the proof of ownership, signature, and ID proof of the Owner ]
- NOC of the Owner [ No objection certificate by the Owner allowing deemed business activity ]
Our Sole Proprietorship Package Consists
We will arrange a consultation session for you with the field expert to guide you through the whole registration process. We believe in keeping our clients up to date with the complete information about their process.
Registration under Shop and Establishment Act
In some cities, registration under this act is mandatory. The registration fee for different states in different.
We will help you with PAN registration for your business.
Help in opening Current Account
After the completion of the registration process, we will help your prepare an application to submit to the bank for the account opening.
Registration under GST act
If your business is crossing the threshold limit of aggregate turnover limit, or you are an e-commerce firm or supplying goods to various states, we will help you register your firm under the GST regime.
A GOOD START IS THE WORK HALF DONE !!!
Frequently asked questions
Any citizen of India, a Person of Indian Origin(PIO) or an NRI can open a proprietorship in India. In the case of PIO and NRI, they have to get prior approval from the Government.
No, a single person will be the proprietor of the proprietorship firm.
The proprietor can open a bank by submitting any of the following documents in the bank
No, the proprietorship is not a separate legal entity, and hence, it cannot be transferred to anyone. Though, the tangible assets held by a proprietorship firm can be transferred to other persons via selling.
No, as the proprietorship firms are registered in the name of a single person, it cannot raise funds by any other means except the proprietor itself.
The law mandates that Proprietorships have to file an annual tax return with the Income-tax department. Depending on nature if their business, they might have to file regular GST returns as per the law. Generally, the audit is not necessary for a Proprietorship firm.
Public Limited company can be established with a minimum of 3 directors and seven members. Propel your business with Probal Consulting Group.
Propel your business with Probal Consulting Group. Kick-start your business with our full-suite accounting and legal services.
No worries get yourself registered as One Person Company (OPC) and march on! Initially, a minimum of two members and two directors were necessary to establish a company.