How To Register Under Sole Proprietorship?

How To Register Under Sole Proprietorship?

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How To Register Under Sole Proprietorship?
How To Register Under Sole Proprietorship?

What is Sole proprietorship?

A Sole proprietorship is a business which is owned, managed and controlled by a single person. It is ideal for small traders and merchants.

Benefits:

  1. A Sole Proprietorship is inexpensive as compared to a One Person Company (OPC) and has minimal compliance requirements.
  2. Minimal Compliance: Sole Proprietorships are only recognized via their government and tax registrations, so the extent of their compliance is limited to the annual filing of their service, professional or sales taxes..
  3. Owner has the control over all business decisions. The owner can also fully transfer the sole proprietorship at any time as they deem necessary.

FAQ

  1. What is the minimum capital requirement for the registration of sole proprietorship ?

No minimum capital has been required.

  1. For which services or business category, sole proprietor firm can be opted?

Generally, local vendors doing small scale business opt for sole proprietor firm. For example: general provision store, grocer, medical shops, bakery shops, restaurant etc.

  1. Does a sole proprietor firm have continuous existence?

No, the existence of a sole proprietorship business is dependent on the life of the proprietor.

  1. What are the documents required for the sole propriety registration?
  • PAN Card copy of proprietor
  • Electricity/Water bill (Business Place).
  • Copy of Aadhaar Card/Voter identity card.
  • How long does it take to establish a business with Sole Proprietorship?

It will not take more than a day to start up a business as Sole Proprietorship.

  To apply For Sole Proprietorship, Click here

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