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Proprietorship

Proprietorship Registration in India | Easy & Fast Online Process

Consult with Highly Experienced CA/CS expert at Legal Vidur regarding Sole Proprietorship Registration, Required Documents, Benefits, other certificates/license & Tax Compliances. Trusted by 1 Lakh+ Satisfied Customers

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    Proprietorship

    You’ve jumped into the business world for yourself. You don’t have excess paperwork to start a sole proprietorship. But there are some important things you need to know before starting your journey in entrepreneur’s world.

    A sole proprietorship is most preferred for of business entity as it is simplest and easiest form of business to register and to maintain. There is no formal set of rules and regulation for sole proprietorship registration. However, in order to run a business there are certain requirements that are needed to fulfill.

    A sole proprietorship is kind of business entity which solely owned, controlled and managed by a single person. It is the easiest way of running business, with the ease of registration process and with least compliances responsibilities.

    Sole proprietorship is the most common form of business practiced in India and is not governed by any specific book of laws. Proprietor has the whole rights of the business to himself in terms of legal formalities, decision making, finance etc.

    There is no limited liability in case of sole proprietorship. As the proprietor and the proprietorship firm is treated as the same entity, the person who manages the business is the sole director as well as the shareholder and the proprietor can also sign the agreements or contacts in his name even if the business is registered under any other name. Also, the proprietor can use their personal accounts requirements.

    Any individual who is want to commence a business with low capital should choose this kind of business form. Sole Proprietorship business is mostly preferred by small businesses holders such as retail, wholesale, etc. Such businesses have the simple business plan, nominal or the least financial risk and have small product market. The business with a little or minimal capital requirements can also prefer to start their work as Sole Proprietorship.

    Nowadays, Proprietorships are also required to register itself under Tax laws such as GST Registration, if it falls under a certain category. A sole proprietor registration can be done by registering their business in
    • GST registration
    • MSME registration
    • Shop and Establishment

    There are different registrations, licenses and permits to start your business that will be required along with the above registrations. This requirement depends on the kind of business a individual wants to run. For example, to start your food business as a proprietorship, you might need to register with FSSAI or get FSSAI License.

    How we Work?

    1

    Fill the form

    2

    Make the payment

    3

    CA/CS/Experts o fLegal Vidur will be assigned for consultation

    Process

    1

    Business Licenses

    There are different registrations, licenses and permits to start your business. For example, to start your food business as a proprietorship, you might need to register with FSSAI or get FSSAI License.

    2

    Tax Advice

    To Prepare & file business taxes can be complicated. Our expert CA/CS will help you to prepare and file tax forms correctly with the minimal fee and on time.

    STILL CONFUSED?

    TAKE FREE ADVISOR CONSULTATION

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    Benefits under Proprietorship Registration

    Comparison

    Private Limited Company One Person Company Limited Liability Partnership Partnership Firm Proprietorship Firm
    Act Companies Act, 2013 Companies Act, 2013 Limited Liability Partnership Act, 2008 Indian Partnership Act, 1932 No specified Act
    Registration Requirement Mandatory Mandatory Mandatory Optional No
    Number of members 2 – 200 Only 1 2 – Unlimited 2 – 50 Only 1
    Number of Director/Partner 2 – 15 Only 1 2 – Unlimited 2 – Unlimited Only 1
    Separate Legal Entity Yes Yes Yes No No
    Liability Protection Limited Limited Limited Unlimited Unlimited
    Statutory Audit Mandatory Mandatory Dependent Not mandatory Not mandatory
    Ownership Transfer ability Yes No Yes No No
    Uninterrupted Existence Yes Yes Yes No No
    Foreign Participation Allowed Not Allowed Allowed Not Allowed Not Allowed
    Tax Rates Moderate Moderate High High Low
    Statutory Compliance High Moderate Moderate Less Less

    Compliances Required by a Proprietorship Firm

    TDS Return Filing
    Filing Income Tax Return
    GST Compliances
    Drafting of Financial Statements
    Tax Audit Compliance
    Documentation of invoices of sales and purchases

    Frequently Asked Questions (FAQs)

    If you're into business and haven't created a formal business structure, then probably you're already working as a sole proprietor– Next step is to understand various implications.
    Our in-house CA/CS/Experts will guide you to incorporate a Sole Proprietorship firm in India and will also suggest the types of registrations that will help you to run your business smoothly. Book a Consultation
    After making the payment, your consultation will be booked with an Expert/CA/CS from our end. You will get a call from the Expert/CA/CS assigned they will provide you with every possible solution to your query. Book a Consultation
    Yes, you can, the CA/CS/Expert will guide you on how to get register under the Government of India and the type of licenses you will require for your business to function smoothly. Book a Consultation
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