sole proprietorship
A sole proprietorship company is one that is owned and managed by just one person. This type of business can be formed in as little as fifteen days, making it one of the most common forms of unsystematic businesses to start, particularly among merchants and small dealers. Registration is not necessary for a Sole Proprietorship business because it is recognised through other registrations, such as GST registrations. Its responsibility, on the other hand, is boundless, and it does not exist indefinitely.
Document Required for sole proprietorship registrations
- Documents required for registration with the municipal authority
- Certificate of GST Registration
- Certificate issued by the IEC
- Medical authorities, pharmaceutical authorities, and other agencies provide licences to conduct business.
- Certificate of Registration and Licensing from the FSSAI
- Bills for utilities such as electricity and water
- Rental Documents- A NOC (no objection certificate) is necessary if the property is rented out.
- Permanent Account Number (PAN)
- Proof of Address
- Information about your bank account
- Aadhaar Card is a unique identification card issued by the government of India.
Advantages
1. Individual Decision-Making
The sole proprietorship firm owner retains the authority to make decisions. Other partners or shareholders are not obligated to give their consent. If a different type of business structure is chosen, the need for consent must be considered before taking or making any choices.
2. Exclusive Authority
The lone proprietor is not subject to any other authority. As a result, making decisions that are beneficial to the corporate organisation is simple. In a private limited business or a public limited company, where the company's directors make decisions, this would not be the case. This decision must be adopted by the company's shareholders at a general meeting.
3.Sole proprietorship has a lot of profit-making potential.
Any revenues made after the sole proprietorship is registered will belong to the sole proprietorship's owner. There is no duty for any individual to share profits. The sole proprietorship firm's owner has complete control over how profits are used.
For the reasons stated above, it is advantageous for an individual to consider registering a proprietorship firm.
The Following is a Checklist for Forming an sole proprietorship
- The Shop & Establishment Act requires municipal authorities to grant a certificate or licence.
- The Institute of Chartered Accountants of India issues the Certificate of Practice, which is a licence issued by the Registering Authorities.
- The Central Government or a State Government Authority/Department, for example, issues a registration/licensing document in the name of the proprietary firm.
- Banks may accept the IEC (Importer Exporter Code) issued by the DGFT office to the private firm as an identity document for opening bank accounts and other purposes.
- Completed Income Tax Return (not simply the acknowledgement) in the sole proprietor’s name, indicating the firm’s income, officially certified and recognised by the Income Tax Authorities
- Utility bills in the name of the proprietary firm, such as power, water, and landline telephone bills
- GST Registration/Certificate is issued.
OUR PRICING PLANS
Standard
₹ 14,999
- complete company incorporation
- Certificate of incorporation (COI)
- Permanent account number (PAN)
- tax deduction account number (TAN)
- director identification number (DIN)
- digital signature certificate (DSC)
- memorandum of association (MOA)
Gold
₹ 16,999
- complete company incorporation
- Certificate of incorporation (COI)
- Permanent account number (PAN)
- tax deduction account number (TAN)
- director identification number (DIN)
- digital signature certificate (DSC)
- memorandum of association (MOA)
- articles of association (AOA)
- Bank account opening
- GST registration
- MSME / UDYAM registration
Platinum
₹ 19,999
- complete company incorporation
- Certificate of incorporation (COI)
- Permanent account number (PAN)
- tax deduction account number (TAN)
- director identification number (DIN)
- digital signature certificate (DSC)
- memorandum of association (MOA)
- articles of association (AOA)
- Bank account opening
- GST registration
- MSME / UDYAM registration
- Share certificate issue
- company commencement form filling