- +91 87002 40946
- [email protected]
Sole Proprietorship Firm Registration
An individual carrying out business activities is the sole proprietor and its business entity is said to be a Proprietorship Firm. The identity of an individual and the business are not different from each other. But due to the lower tax rate, flexibility and multiple advantages people prefer this structure for the early stage of business.
With the inclusion of partners, the control over operation reduces. Hence, these proprietors choose to run the business single-handedly and land upon sole proprietorship firm registration. Although there is no specific Act to regulate this organization, there are many ways to register a Sole Proprietorship firm. Small businesses aiming to take lower risks prefer this structure.
Why Should You Choose Munshi G & Co. for Sole Proprietorship Firm Registration?
- Expert Team of Qualified CA, CS, and Lawyers
- Dedicated Relationship Manager and On-call Support
- The entire Sole Proprietorship Firm Registration Process is Managed Online
- Quick Turnaround and Economical Pricing
- Thousands of Happy Customers Across All States of India
- Empowered with Secured Technology
- Avail exclusive partner offers on web hosting, payment gateways, etc.
Process to register Proprietorship online
Day 1
- Business registration consulting
- Collection of basic information
- Provide Required Documents
Day 2 - 3
- Preparation of online application
- Online Sole Proprietorship registration
- Application for allotment of TAN
Day 4
- Dispatch of Firm seal and other materials if subscribed
(subject to Govt. processing time)
Documents required for registration of Proprietorship Firm
01
PAN Card
A self-attested copy of PAN Card of proprietor
02
Aadhaar Card
Self-attested copy of Aadhar Card of the proprietor
03
Bank Details
Details of the saving or current account of bank
What are the Benefits of Proprietorship Firm Registration?
You are Your Own Boss
In a sole proprietorship, the proprietor has all the rights to decide what to do and how to operate. A proprietor neither needs to report someone nor take orders from anyone else. There is no interference from a third party. Unlike a corporate firm, there are minimal compliances or disclosure requirements during the whole financial year. Hence, Government interference is also very less.
Easy to Establish
It is relatively easy to establish and register the sole proprietorship business. There is no specific process to be followed to setup this business. Also the cost of sole proprietorship registration is very less compared to any other business structure. The business runs on the identity of the proprietor himself. He can run any legal business in his own name or with a different legal name as brand.
You Own Whole Share Of Profit
The proprietor is only owner of the business and therefore he owns the whole share of the business profit. Also, the business assets are treated as assets of the proprietor and vice-versa. He can decide when to withdraw profit or to reserve.
Tax Benefits
The proprietorship business is not treated separately for income tax purposes. The tax slab as specified for an individual’s income is only applicable to the income of the business. The rates of tax are lower compared to other business structures like companies and partnerships. The benefit of deductions is an added advantage with combined ITR for individuals and businesses.