Sole Proprietorship Registration

Best & simplest form of Business in India

To start a business in India as a proprietorship, you need to obtain an Udyam Registration and GST registration. Proprietorship firm is the most preferred form of starting a small business which are owned, managed and run by a single person (male or female)

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Our basic package for Proprietorship registration Starts @ ₹ 2,999/-.

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Sole Proprietorship Registration

There is no formal registration required to form a sole proprietorship. A sole proprietorship is owned and managed by a single owner, who is not required to sign any documents in order to create one no separate deed or agreement is made. However, individual tax or local registration would be required based on the business activity and the business location and name registration would be required if the business operates under a different name than that of the business owner.
It’s India’s most familiar form of business, and used by small scale businesses. This type of trading is very popular among India’s massive unorganized sector. It has huge short comings, such as unlimited liability of proprietors. 

Documents and information Required to Start and register Proprietorship Firm

DOCUMENTS OF THE OWNER

  • Colour Passport Size Photo – Two.
  • Self-attested Aadhar Card.
  • Self-attested PAN card.
  • Cancelled Cheque in the name of applicant.
  • Copy of Address Proof such as (Voter ID, Driving License, Passport, Bank Statement, Electricity Bill).

BUSINESS ADDRESS PROOF

  • Registered Rent Agreement, Electricity Bill, Sale Deed, Property tax receipt or NOC.
  • Electricity Bill should not be older than two months.
  • NOC from the Owner of Premises.

PROCEDURE FOR INCORPORATION OF PROPRIETORSHIP

You can start your business as a proprietorship quickly within one day. That’s because the process begins with the online order at setyourbiz. Once the order for proprietorship setup is processed, we will initiate the documentation and further process. Of course, it’s entirely online, and there’s no need for you to visit our office. You’re welcome to contact us for any clarifications.

STEP 1: Documentation

The process starts with documentation of the proprietor and the place of business where the business will be carried out. It is meant to ensure that all documentation is up to date and correct. Please share the filled questionnaire and all documents at help@setyourbiz.com, quoting your order details
 

STEP 2: Selection of a Unique Name

First, you need to select a unique name for your proprietorship business. The first step is to search the business’s proposed name in the trademark register to avoid infringement on someone else’s trademark.
 

STEP 3: MSME – UDYOG Aadhar / Udyam

For opening a bank account, there is a need for two documents in your proprietorship name. One of the registrations could be Udyog Aadhar, enabling an entrepreneur to seek online government services along with other benefits under the MSME Act.
 

STEP 4: GST Registration

This section discusses the need for a proprietorship firm to obtain GST Registration in order to supply goods or services all over India. However, there is an exception if the firm supplies goods or services only within a state. In order for a proprietorship firm to supply goods or services all over India, it needs to obtain GST Registration.
However, if the firm supplies goods or services only within a state, it does not need to apply for GST Registration.

STEP 5: Other Tax Registrations

This step in registering a business is to determine if it will be a proprietorship or a corporation. A proprietorship is when there is no distinction between the person who owns the company and its assets, while in a corporation, there are separate people who own shares of the company and have an interest in its profits. The next step is to determine if you need Tax Deduction Account Number (TAN), Import Export Code (IEC) or Professional Tax (PT) registration. If you are unsure of which type of registration you need, consult with your state’s Secretary of State office for more information.
 

ADVANTAGES OF SOLE PROPRIETORSHIP INCORPORATION

Sole proprietorship Business are one of the simplest forms of business in India. It is a business owned by a single person and there is no need to register the business with any government authority

The sole proprietorship is an easy form of business entity to start with minimum formalities. It is the simplest form of business entity that can be started by anyone with a single person or owner.

The personal liability of a sole proprietor is generally unlimited. This means that the sole proprietor is responsible for paying off any debt incurred by the business, even if they have personal assets that could cover it.

A sole proprietor has the freedom to do what they want with their company. They can choose to grow it or maintain it for as long as they want, without a board of directors or shareholders to answer to. A sole proprietor also has more control over how they spend their time than if they were employed by someone else.

Sole proprietorships are often the best option for freelancers to go with. They have lower taxes, and they aren’t required to pay any type of payroll tax. The biggest advantage of sole proprietorship is that its having lower taxes.

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