₹2,500/- (inclusive all)
- MSME Registration
- GST Registration
₹4,000/- (inclusive all)
- MSME Registration
- GST Registration
- First 3 Month GST Return
What is Proprietorship?
Proprietorship has been defined as the simplest business form under which one can operate a business. It is not a legal entity and simply refers to a person who owns the business, personally responsible for its debt. A sole proprietorship can operate under the name of its owner or else do business using a fictitious name. It is a popular form of business in India, because of its simplicity of set up and nominal cost.
Advantages of Proprietorship Firm
A self-attested copy of PAN Card of proprietor.
Self- attested copy of Aadhar Card of proprietor
Utility Bill (Electricity/Water) of Business Place.
Frequently Asked Questions
A sole proprietorship differs from other forms of business in several ways. Sole proprietorships are the least complex and cheapest form of start the business. Sole proprietorships require minimal formal paperwork to start the business. Sole proprietorships do not shield individuals from liability for their business debts, or we can say individuals having unlimited liabilities. Sole proprietorships are treated as simple income for tax purposes and do not need to have separate taxes prepared.
The owner of a sole proprietorship business in India is called a proprietor. It cannot be a corporate or legal entity. The proprietor and the proprietorship are considered to be the same entity legally.
Most local businesses are run as sole proprietorships, from grocery stores to fast-food vendors, and even small traders and manufacturers. That is not to say that larger businesses cannot operate as sole proprietorships, they can! Jewelry shops are sole proprietors, but it is not recommended.
A Sole Proprietorship business functioning from 1st day itself. This simplicity makes it popular among small traders and merchants. It’s also much cheaper, of course. This is the other reason why it’s the most widely used business structure.
Proprietorship firms are business entities that are owned, managed, and controlled by one person. So they cannot issue shares or have investors.
Proprietorships will have to file their annual tax return with the Income Tax department. However, annual reports or accounts need not be filed with the Ministry of Corporate Affairs, which is required for an LLP or a company.
There is no limit on the minimum capital required to start a proprietorship.
Yes, you are personally liable for your sole proprietorship. You will be held personally accountable for your business’s debts and legal judgments.
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Meet Our Experts
CAs with working experiance of 5+ years both at corporate as well as individual practice level.
Professionals with vast working experiance of 5+ years with big corporates and business houses.
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Experts having finger on the pulse of current investment climate,provide best financial advice and assist in fund management and fund raising.
CFOs working with big corporates and business houses for 10+ years.
Valuers having a very rich experiance of working with various banks and other financial institutions.
Experianced and Professional advisors providing services to various law firms and Business houses.
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