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Private Limited Company In delhi ncr

Sole Proprietorship

1.)   What is a sole proprietorship?

Sole Proprietorship is also popularly known as Sole Trader it means that a Business is managed by single owner who is the proprietor of that business for sole proprietorship you no need to have two people to start a sole proprietorship only a single person can open a sole proprietorship. It is not a separate legal entity it means that business and owner are the same person. It is easily incorporated very less expensive

Features of Sole Proprietorship

Some Special and unique features of sole-proprietorship business which other do not have:

You have the complete control on your business.

Liability of the owner are unlimited

If owner die firm stand closed

You can take any decision in the legal framework

Owner and the business are common.

Few Benefits of having sole Proprietorship

It can be easily incorporated very less headache.

Tax benefit you need to pay initially @ of 10% only also got minimum exemption limit.

Easily incorporated

Easy and less compliance

Documents for Registration

There is no formal process for registering a Sole-proprietorship.

But, For Registration a sole proprietorship you need to register you business under any two category minimum:

Shops and Establishments.

GST

MSME

TAN

However, Your Proprietorship need not to register under all registration. The kind of registration will depend on your business and its turnover. Moreover, you also need to open a current account in a bank.

For a seamless registration process, please keep the following documents ready. These documents will serve for all the above registrations and also for opening a current account.

. Copy of your PAN card.

. Address proof in your name, such as passport, voter ID, or utility bills.

. Your passport sized photographs.

. Proof of address for your business such as telephone or electricity bills.

. Shops and Establishments registration certificate (for opening current bank account)

. Bank account statement (for at least 6 months) from the current banker.

. Bank account details (for GST Registration).

Fee for Registration of Sole Proprietorship

The government fee and the professional fee depending on your registration needs.

Timeline for Registration of Sole Proprietorship

It depends on the type of registration. Therefore, there is no fixed timeline. The process of registration may take anywhere between 2 to 20 business days. This timeline is further subject to government procedure and approval.

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