Sole Proprietorship Firm Registration
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Register your business as Sole Proprietorship and avoid following any kind of legal compliances. Have your full control over the business with Sole Proprietorship Registration.
Start Your Company Without Any Hassel
Cognizant Advisors is an online business compliance platform that helps entrepreneurs and other individuals with various, registrations, tax filings, and other legal matters.
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Introduction
Sole Proprietorship Firm Registration
As we know, India is one of those countries which is full of people who are managing and operating their business by choosing Sole Proprietorship as their business structure. Moreover, this business model requires compliance with very few legal formalities and is suitable for the people who do not have adequate capital. Further, sole proprietorship registration is required for the businesses which are owned, managed, and controlled by a single individual, as it will eventually help them in carrying out business operations with ease and flexibility.
Nowadays, the Sole Proprietorship as a business model is mostly chosen by the micro and small enterprises with less investment, operating in the unorganized sector. Moreover, it is also ideal for the embryonic entrepreneurs who want to start their own business. Lastly, some of the examples of a sole proprietorship are salons, grocery stores, chemist shops, photo studios, etc.
Benefits
Benefits of Sole Proprietorship Firm Registration
You Are Your Own Boss
In a sole proprietorship, the proprietor has all the rights to decide what to do and how to operate. A proprietor neither needs to report someone nor take orders from anyone else. There is no interference from a third party.
Quick Decision Making
It is easy for a sole trader to make decisions quickly, as he is the sole receiver of all the profits.
You Own Whole Share Of Profit
The proprietor is only owner of the business and therefore he owns the whole share of the business profit.
Direct Incentive
A sole proprietor is the only person who gains all the benefits arising from the business.
Process
Sole Proprietorship Firm Registration In 6 Easy Steps
How to Decide a Company Name
Unique Name
Check for unique sole proprietorship name that helps recognising the proprietorship firm distinctly and build brand value.
Business Activity
A part of business name should suggest the business activity so that consumers can easily relate business with its offerings.
Short and Simple
The name should not be unnecessarily long and should be simple enough to spell and remember.
Document Checklist
Documents required for registration of Proprietorship Firm
Aadhar Card
Pan Card
Bank details
Faq
Frequently Asked Questions (FAQ)
One can start a Sole Proprietorship Firm with any amount of Capital. An amount sufficient to commence the business should be introduced. As there is no restriction on infusion or withdrawal of amount, the proprietor can change capital anytime. Introducing the capital in Business is the sole decision of an owner of the firm i.e. the Proprietor.
Yes, a sole proprietor has the authority to appoint an employee. Further, no upper limit is prescribed on the maximum number of employees that a sole owner can appoint.
Legal documents Library involves documents like Employment Letter, Legal Notice, Non-Disclosure Agreement, Terms of Service and Privacy Policy and many more are a part of the Legal Documents Library.
The owner of the business needs to satisfy some compliance after obtaining a Sole Proprietorship Firm Registration. The term compliance includes TDS Return Filing; ITR Filing; GST Return Filing; Drafting of Financial Statements; Tax Audit; Documentation of Invoices for sale and purchase.
No statutory fees are involved in the process of registration, only the cost for obtaining other registrations like GST and MSME is required.
A sole proprietorship is a business entity that is owned and run by a single person who is the sole trader or proprietor. In this, there is no legal difference between the business entity and the owner.
The amendment or modification in the name of the proprietorship firm is made by giving the public and government notice, cancelling or changing DBA, structuring sale agreement, and notifying all the interested parties.
