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.
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.
There are no registration requirements under any laws. However, in order to avoid legal action against your firm, you should take the following procedures.
The following documents are necessary to start a proprietorship firm business in India:
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.
Within 3-4 working days, you can establish your business as a sole proprietorship.
In the case of sole proprietorship firms, an audit of accounts is required only if the turnover reaches Rs. 50 lakhs/Rs. 1 crore.
If a sole proprietor has a revenue of less than Rs. 20 Lakhs/40 Lakhs, he is exempt from registering for and collecting GST.
There is no minimum capital needed to start a business as a sole proprietorship.
If you want clients to find you, talk about you, and promote you, you need a business name that defines your company.
If you attract investors to your sole proprietorship, your proprietorship firm will automatically become a general partnership.
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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