Sole Proprietorship Registration
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Sole Proprietorship Firm Registration - Online Process, fees and documents
A sole proprietorship business is a general form of business in India. A sole proprietorship business is formed and owned by a single person. It is most suitable for those who want to begin a business with minimal investment. It usually does not need any registration as such.
A sole proprietorship firm may be established at home or in a premise with a minimum amount of money. Business control lies entirely in the hands of the single proprietor/owner who invests in the business. He undertakes all losses of the business and receives all profits. He may appoint people to carry on the business, but the ownership will lie solely with him.
Most local establishments like grocery stores, parlours, boutiques, retail shops, etc., may be set up as a sole proprietorship firm. Even small manufacturers and traders may set up a sole proprietorship firm.
Professional Utilities can help you register a proprietorship firm online, an easy and effective business structure suitable for individual entrepreneurs. You can register your proprietorship firm online quickly and easily with our professional assistance and smooth procedure. Begin your Sole Proprietorship registration online with us and realize the potential of your business concepts.
Table of Content
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What is Sole Proprietorship
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Benefits of Proprietorship Registration
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Procedure of Proprietorship Registration
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Documents Required for Proprietorship Registration
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Documents you’ll get after proprietorship registration
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Proprietorship Registration Fees
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Time Required for Sole Proprietorship Registration
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Conclusion
What is a Sole Proprietorship Firm?
Sole proprietorship is a type of business entity which is owned and managed by a single person only. It is not governed by any law and hence it is the easiest form of business in India. All the decisions and management of the business is in the hands of one person.
Benefits of Sole Proprietorship Firm Registration
Let’s take a closer look at the benefits of Private Limited Company registration in India:
Minimal Compliances:
A proprietorship firm has very minimal compliance requirements which makes it much more preferable option than One Person Company Registration.
Easy to Start:
Sole Proprietorship is not governed by any law and does not require any mandatory registration. Hence, it is the easiest way of starting a business entity.
Lower cost:
As there are minimal compliances, there is no need to hire an auditor for meeting the legal compliance requirements.
Complete control:
As a proprietorship firm is owned by a single person, he has the complete control over the business decisions and there are no interventions of any kind.
Registrations required for Sole Proprietorship Firm
GST Registration
MSME Registration
Shop and Establishment Act License
Procedure of Sole Proprietorship Firm Registration
01. Registration for GST
Step 1. Application for GST Registration
Depending upon the requirement of the business and GST Law, application for GST registration has to be made with the department. GST registration usually takes around 5–10 working days.
02. Registration for MSME
Step 2. MSME Registration
To establish the existence of your proprietorship firm and avail various benefits, you’ll have to file an application for registering your firm as Small and Medium Enterprise (SME) under the MSME Act. It is beneficial for the business at the time of taking out a loan. The government runs various schemes for SMEs to provide loans at lower interest rates.
03. Shop and Establishment
Step 3. Application for Shop and Establishment License
You are required to obtain a shop and establishment license according to the local laws. It is issued by the municipal corporation on the basis of the number of employees or workers in the firm.
04. Opening a Bank Account
Step 4. Bank Account Opening
Once all the steps are completed, the current bank account should be opened by the proprietorship firm. You can contact us for assistance with your current bank account opening.
Online Proprietorship Firm registration with Professional Utilities
The process of registering your business as a sole proprietorship firm is not much complicated. Our experts at Professional Utilities can make the whole registration process hassle-free for you. Register your firm online in 3 easy steps:
Step 1: Get in touch via call or [contact form]
Step 2: Provide necessary documents
Step 3: Get your incorporation registered in 7–10 working days
Documents required for Sole Proprietorship Registration
Copy of Aadhar Card
Copy of PAN Card
Address proof of office
Documents you’ll get after proprietorship registration
Post incorporation of your sole proprietorship firm, you’ll receive the following documents:
GST Registration Certificate
Shop and Establishment Act License
MSME Certificate
Sole Proprietorship Firm Registration Fees
The registration cost for a Sole Proprietorship Firm in India starts at ₹2,999 (excluding government fees). Please note that the government fees vary from state to state, depending on the mandatory registrations required for establishing a proprietorship firm, such as GST registration, MSME registration, and other state-specific licenses.
GST Registration
Shop & Establishment License
Trademark Registration
Start-up India Registration
Time Required for Sole Proprietorship Registration
The Sole Proprietorship involves obtaining a PAN card for a proprietor, a business bank account, a Certificate of Registration under the Shop and Establishment Act of the concerned state, and GST registration. Sole Proprietorship Registration takes about 10 days, depending on departmental approval and reverts from the concerned department.
Conclusion
A Sole Proprietorship is the easiest and least expensive business form for entrepreneurs who desire complete control of their business with few compliance needs. It is best suited for small businesses, freelancers, and self-employed professionals seeking simple setup, tax advantages, and flexibility. However, it has unlimited liability, which means the owner is personally liable for all business obligations.
With Professional Utilities, Sole Proprietorship Registration process will be simple and easy. Start your business today with a legally recognized structure and establish your market presence with ease!