What is Sole Proprietorship?
A Sole Proprietorship is a business owned and managed by a single individual. Unlike other business entities, such as a Private Limited Company or LLP, a Sole Proprietorship does not have any separate legal identity distinct from the business owner; therefore, the business and the proprietor are the same. All the profits, losses, and liabilities of the business rest with the owner.
Sole Proprietorships are ideal for:
- Small businesses
- Freelancers and consultants
- Local retail shops
- Independent contractors
Why choose sole proprietorship?
- Ease of Setup
- Full Control
- Minimal Compliance
- Less Cost
- Tax Advantages
Eligibility Criteria for Sole Proprietorship Firm
- Be an Indian citizen or a Resident of India.
- Have a Registered Office Address for your business or commercial.
- Documents Required for Sole Proprietorship Registration
- PAN Card of the Proprietor-mandatory
- Aadhar Card or any other Government-issued identity proof like Voter ID, Passport, etc.
- Proof of Address like Electricity Bill, Rent Agreement, etc.
- Details of the Bank Account in the name of Proprietor
- Licenses and registration specific to your business like GST registration, Shop and Establishment license, etc.
Registration Process of Sole Proprietorship in India
- Business Name
- Get Business Registrations
- GST Registration:
- Shop and Establishment License:
- MSME Registration
- Opening a Bank Account
Advantages of a Sole Proprietorship Firm
- Ease of Process
- Direct Taxation
- Full Ownership and Control
- No Profit Sharing
- Low Setup and Maintenance Costs
Post-Registration Compliance for Sole Proprietorship
- Filing of Income Tax Return
- GST Filing
- Annual Renewal of Licenses
Why Choose YKG Global Sole Proprietorship Registration?
We take up the whole process, right from documentation to filing.
- Expert Consultation: Our team of experienced professionals offers personalized consultation that guides you properly to make the right decisions for your business.
- Competitive Pricing: We ensure that our pricing is transparent, with no hidden charges, so that you receive true value for money.
- Fast and Smooth Process: Our seamless processes ensure that your Sole Proprietorship Registration gets registered within the time limit.
