Sole Proprietorship

A sole proprietorship, also known as a sole trader or a proprietorship, is an unincorporated business with a single owner who pays personal income tax on profits earned from the business. With little government regulation, a sole proprietorship is the simplest business to set up or take apart, making sole proprietorships popular among individual self-contractors, consultants or small business owners. Many sole proprietors do business under their own names because creating a separate business or trade name isn't necessary.


A sole proprietorship has no separation between the business entity and its owner. It is therefore different from corporations and limited partnerships, in that no separate legal entity is created. Consequently, the business owner of a sole proprietorship is not safe from liabilities incurred by the entity. For example, the debts of the sole proprietorship are also the debts of the owner. However, all profits flow directly to the owner of a sole proprietorship.


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.


Owner has the control over all business decisions. The owner can also fully transfer the sole proprietorship at any time as they deem necessary.


steps

Documents required for Registration

a) PAN Card copy of proprietor


b) Electricity/Water bill (Business Place)


c) Copy of Aadhaar Card


d) Photo of the Proprietor


Time required for registration of Sole Proprietorship

It take upto 3 days to register Sole Proprietorship


Open Bank Current Account

Once registered we will help you in getting comman seal and opening bank current account.