Proprietorship Registration

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ABOUT PROPRIETORSHIP FIRM

A Sole Proprietorship, is a type of unregistered business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business entity. Proprietorship is the simplest, oldest and most common form of business ownership someone can choose.

Sole proprietorship is the most popular business structure for startups because of its ease of formation,least record keeping,minimal regularoty controls,and avoidance of double taxation.

Sole proprietor needs to get its accounts audited u/s 44AB of IT act,1961, when the annual turnover is Rs. 1 crore and above.

ADVANTAGES

LESS EXPENSIVE

A simplified and less expensive business organization. Having control of your business.

OWNERSHIP

Small business owners always feel good being in charge; they love being responsible for themselves and not taking orders from anyone. That’s why most small businesses are operated under the sole proprietorship type of entity.

TAX EASE

If you file your own tax returns and want to continue to do so, a sole proprietor setup is typically the easiest way to do so. Sole proprietor income is recorded as self-employment earnings on Schedule C of the federal tax return. While you usually have to pay self-employment taxes on the earnings, you don’t have as much rigorous record-keeping and tax computing to worry about.

SELF EMPLOYMENT

The owner himself is self-employed and this creates various employment opportunities. Also because the owner is in the hands of a single person, there are fewer chances of leakage of business secrets.

PROFIT EARNING

This is another reason why many entrepreneurs choose the sole proprietorship form of business. The proprietorship type of business entity allows the business owner or entrepreneur to keep 100% of the profit.

PRIVACY

Since a sole proprietorship does not file any formation documents or annual reports with the federal or state governments, public disclosure of business operations are not required.

DOCUMENTS REQUIRED FOR REGISTRATION

IDENTITY AND ADDRESS PROOF

Aadhar Card, Aadhar number is now a necessity for applying for any registration in India.

Income tax return can only be filed if the person has linked his PAN card with Aadhar number.

Address proof will be required for all directors and shareholders of the company to be incorporated.

For Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be mandatorily submitted.

Residence proof documents like bank statement or electricity bill should not be more than 2 months old.

All documents submitted must be valid.

REGISTERED OFFICE PROOF

  • Register office of all companies must be in India .If it is a Rented Property, Rent agreement and NOC from a landlord. If it is a Self-owned Property, Electricity bill or any other address proof.
  • Documents submitted must be valid and not more than 2 month old.