Sole Proprietorship Registration
A business that legally has no separate existence from its owner. Sole proprietors are small manufacturers and traders, typically having just a GST registration.
Sole proprietorship business in India is a business running (owned and managed) under a single person, who is personally liable for all the debts. Sole proprietorship is not treated as a separate legal entity from the sole proprietor owner. It is adopted due to the ease of setup and nominal cost making it the simplest form of a business. One of the features of Sole Proprietorship Firm holds the owner directly liable of each and every loss.
The advantages of a sole proprietorship include:
- Owners can establish a sole proprietorship instantly, easily and inexpensively with a very few set of formalities.
- Owners are not refrained from mixing business or personal assets.
- Sole proprietorship carry very few formalities.
The disadvantages of a sole proprietorship include:
- Sole proprietorship firms are incapable of holding any value as they rarely survive the death or incapacity of their owners.
- Sole proprietorship firms impose unlimited personal liability for all the debts and losses of the business.
My Consultants has a team of experts in sole proprietorship registrations for pan India locations. You may contact us to get your sole proprietorship registrations done in all regions in India.
Why Needed: Reasons & Benefits
The Features and benefits of a Sole Proprietorship Firm registration are:
Easy to Start
Simple registration process needing PAN card, AADHAR Card, Bank account passbook, etc.
Tax benefits
A Sole Proprietorship is inexpensive over a long-term due to the minimal compliance.
Minimal compliance
Sole Proprietorship doesn’t need to file annual filings like Private limited companies.
Easy to Exit
Single Click cancellation of the sole proprietorship registration is possible.
Documents Required
- PAN Card
Individual (Owner’s) PAN card is required for registration.
- Aadhar Card/Voter Id Card
Aadhar card of individual for address of individual. Some time Voter ID may also work.
- Saving/ Current Bank Account Details
Bank account details is required for registration. We need Passbook first page and latest statement. Also provide us Bank account number, IFSC code and Branch name
- Business Address Proof
For business address proof may be in the form of Electricity bill, rent agreement or any other government utility bill
