Register Your Sole Proprietorship Firm

When a single person owns a business, it is a sole proprietorship. It is the simplest operating structure for a firm. It is operated under the proprietor's PAN. Get your sole proprietorship firm registered for only 1,999 (Govt fees extra). To initiate the procedure, pay only 999*/- now and the remainder balance when processing commences.

CHECKLIST FOR PROPRIETORSHIP FIRM REGISTRATION

  • Shop & Establishment Registration
  • GST Registration
  • Import Export Code (IEC)
  • MSME Registration

Benefits of a Proprietorship Firm

  • Minimum Compliance            
  • Simple to begin
  • Economical

How can Knap Advisory help in Sole Proprietorship Firm Registration?
We offer comprehensive assistance in Sole Proprietorship Firm Registration, simplifying the complex process for you. Our experienced team provides expert guidance, aids in document preparation, assists with name selection, and ensures full legal compliance. We take care of submitting your application to the relevant authorities and keep you informed with timely updates. Whether initiating a new partnership or formalizing an existing one, our services are tailored to your unique needs. We don't stop at registration; our support continues post-registration, helping you understand the ongoing responsibilities of operating a registered PSole Proprietorship Firm.

With Knap Advisory, you can confidently navigate the registration process, knowing that your Sole Proprietorship Firm is established efficiently, allowing you to concentrate on your business's growth. Our cost-effective solutions make the entire process hassle-free and affordable. Contact us today to take the first step towards a successful Sole Proprietorship Firm.

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An Overview- Sole Proprietorship firm registration in India

It is a type of business structure that is owned or managed by a single person. It is not required to register with any statutory provisions (Companies Act, LLP Act, or Partnership Act). It has become the most popular type of business among merchants and small enterprises because it is owned and controlled by a single person.

A Sole Proprietorship firm does not need to be registered because it can be identified through a generic registration such as GST, MSME, Shop or Establishment Act. Sole proprietors have unlimited obligations and do not exist in perpetuity.

A sole proprietorship can be formed by anyone. You can contact Knapadvisory.com if you have any questions about the registration process. Follow the steps outlined below to set up a sole proprietorship firm with ease.

Benefit

Why to choose sole Proprietorship Firm for business in India? (Why sole proprietorship is better ?)

The simplest type of business to start

A sole proprietorship business requires no additional registration and operates under the proprietor's legal identity. As a result, a proprietorship can be formed without the requirement of registration. To create and protect the business's identity, Udyog Aadhaar registration and trademark registration can be secured using the promoter's PAN and Aadhaar number.

Less capital requirement

This form of business structure does not required a large initial investment. It is an opportunity for people who wish to establish a business with a small amount of money. The minimum capital required for a sole proprietorship firm is unlimited.

Sole Beneficiary of Profits

Only sole proprietorship or a one-person firm, allows the owner to be the sole beneficiary of earnings. All other types of entities, such as a partnership, LLP, or corporation, require a minimum of two people.

Minimal compliances

Because a proprietorship business is not registered with any government body, such as the Ministry of Corporate Affairs, the compliance obligations are minimal. Furthermore, if the firm's annual taxable revenue exceeds Rs.2.5 lakhs, the proprietor is only needed to file income tax returns.

How to register a sole proprietorship firm ?

There are no registration requirements under any laws. However, in order to avoid legal action against your firm, you should take the following procedures.

  • STEP 1- Applying for PAN card in individual capacity.
  • STEP 2- After obtaining a PAN card, or if the proprietor already has a PAN card, the next step is to keep a name for the sole proprietorship business.
  • STEP 3- The next step is to create a bank account in the firm's name. This bank account will be used for all firm transactions.
  • STEP-4 Though no particular registration is necessary to launch a sole proprietorship firm, a sole proprietorship firm must get some specific registrations in order to conduct business. A sole proprietorship must complete the following registrations on the basis business need –
  • (i)The proprietor must acquire a Registration Certificate from the state where the business is located under the Shops and Establishment Act.
  • (ii)If the business revenue surpasses Rs.20 lakh/ Rs. 40 lakh as the case may be, the sole proprietorship needs to register under GST.
  • (iii)Though it is not required, the sole proprietorship can register as a Small and Medium Enterprise (SME) under the MSME Act. While registration is not required, it is helpful for various benefits under MSME schemes.

Mandatory documents to start a sole proprietorship firm in India

The following documents are necessary to start a proprietorship firm business in India:

  • Scanned copy of PAN card and Aadhaar Card
  • Scanned copy of Passport/DL/Voter ID
  • Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity Bill/Gas Bill
  • Passport Size Photo

HELP & FAQs

Who can start a proprietorship firm for business?

A sole proprietor controls a sole proprietorship. Proprietorship enterprises are an option for those with a little capital investment who want to start a business.

In how many days can I set up a proprietorship firm?

Within 3-4 working days, you can establish your business as a sole proprietorship.

Does a proprietorship firm need an audit?

In the case of sole proprietorship firms, an audit of accounts is required only if the turnover reaches Rs. 50 lakhs/Rs. 1 crore.

Is it mandatory to register for the GST of proprietorship firm?

If a sole proprietor has a revenue of less than Rs. 20 Lakhs/40 Lakhs, he is exempt from registering for and collecting GST.

What is the minimum capital requirement to establish a sole proprietorship business?

There is no minimum capital needed to start a business as a sole proprietorship.

Can I register a brand name for my sole proprietorship firm?

If you want clients to find you, talk about you, and promote you, you need a business name that defines your company.

Can other people invest in my proprietorship firm?

If you attract investors to your sole proprietorship, your proprietorship firm will automatically become a general partnership.

What are the annual compliance requirements for Sole proprietorship firms?

A sole proprietorship is known for having less compliance requirements. However, in some cases, you must present the following documents.
● Income tax Return should be filed annually
● GST Return (if applicable)
● Income Tax audit (if applicable)

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KNAP Advisory : We Care | We Deliver | We Honor

We have been especially crucial in ensuring startups are compliant with India's complex legal structure. We accept responsibility and obligation on behalf of the business owners and co-founders for adhering to all legal requirements. We strive to deliver a wide range of quick, effective, and compliance-focused services to any company or individual with a startup mentality. We are abide by our motto:- We Care, We Deliver, We Honor.