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Sole Proprietorship Registration
A sole proprietorship is a business that is owned, managed and controlled by one person. It is one of the most common forms of business in India, used by small businesses operating in the unorganized sectors. Proprietorships are very easy to start and have very minimal regulatory compliance requirement for getting started. However, after the start-up phase, proprietorship’s do not offer the promoter a host of other benefits such as limited liability, separate legal entity, independent existence, transferability, etc., which are desirable features for any business. Therefore, proprietorships are suited for unorganized, small businesses that will have a limited existence.
For a Sole Proprietorship business, registration is not required as there is no mechanism provided by the Government of India for the registration or incorporation of a Proprietorship. However, its liability is unlimited and it also doesn’t have perpetual existence.
ComplianceIndia can be your legal and professional partner in India to help you understand how to incorporate a Sole Proprietorship in India quickly and cost-effectively.
Advantages of Sole Proprietorship
Easy to Start
Complete Control of Business Operation
Minimum Compliance requirement
Tax Benefits
Relatively Inexpensive
Annual filing not required
Eligibility to form a Sole Proprietorship
– Single Person to act as Sole Proprietorship
– Must be an Indian Resident
How we Work?
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6
Step 7
Packages
Consultation Charges
Nil
Complete assistance by Experts or Professionals indicating Process, Documents required, Benefits, Tax compliance, Legal Compliance, etc.
Basic Plan
Rs. 2999/- only
- – MSME Registration
- – GST Registration
- – Current Account Opening in your nearest Branch
- – Expert advice from Experts/ Legal Professionals
Advance Plan
Rs. 9,999/- only
- – MSME Registration
- – GST Registration
- – Current Account Opening in your nearest Branch
- – Account Book-Keeping
- – Ledgers Keeping
- – Current Account Opening in your nearest Branch
- – Legal Drafting of documents
- – 6 months GST Return filing
- – Expert advice from Experts/ Legal Professionals
Ultimate Mega Plan
Rs. 14,999/- only
- – MSME Registration
- – GST Registration
- – Current Account Opening in your nearest Branch
- – Account Book-Keeping
- – Ledgers Keeping
- – Current Account Opening in your nearest Branch
- – Legal Drafting of documents
- – 12 months GST Return filing
- – Expert advice from Experts/ Legal Professionals
Documents Required for Partnership Firm Registration
Comparison with other forms of Business
Form of Business | Proprietorship Firm | Private Limited Company | One Person Company | Limited Liability Partnership | Partnership Firm |
---|---|---|---|---|---|
Act | No specified Act | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | Indian Partnership Act, 1932 |
Registration Requirement | No | Mandatory | Mandatory | Mandatory | Optional |
Minimum Number of members | Only 1 | 2 | Only 1 | 2 | 2 |
Maximum Number of Members | – | 200 | – | Unlimited | 50 |
Number of Directors/Partners | Only 1 | 2 – 15 | Only 1 | 2 – Unlimited | 2 – Unlimited |
Separate Legal Entity | No | Yes | Yes | Yes | No |
Liability Protection | Unlimited | Limited | Limited | Limited | Unlimited |
Statutory Audit | Not Mandatory | Mandatory | Mandatory | Dependent | Not Mandatory |
Ownership Transfer ability | No | Restricted | No | Yes | No |
Uninterrupted Existence | No | Yes | Yes | Yes | No |
Foreign Participation | Allowed | Allowed | Not Allowed | Allowed | Not Allowed |
Tax Rates | Low | Moderate | Moderate | High | High |
Statutory Compliance | Less | High | Moderate | Moderate | Less |
GET STARTED | KNOW MORE | KNOW MORE | KNOW MORE | KNOW MORE |
Frequently Asked Questions
1. Who can start a Sole Proprietorship in India?
As per the Companies Act, 2013 any Indian citizen above the age of 18 can start a Sole Proprietorship firm.
OUR SERVICES
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₹999/-
Complete Solutions for GST Registration, Modification, Queries for all GST matters…
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₹499/-
ST Return Filing Solutions, NIL GST Return Filing, GST LUT Filing, GST E-Way Bill, Reply to GST Notice…
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₹499/-
Complete Solutions for Tax, Payroll, TDS, Income Tax for Individual and Company etc…
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₹2,999/-
Solutions for all yearly and event based compliance requirements related to your Company and Directors...
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₹2,999/-
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₹2,999/-
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₹5,000/-
Get your XBRL financials ready for filing with MCA, BSE, NSE etc...
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