Description
What is a Proprietorship Firm?
The basic proprietorship firm registration is the least complex business structure under which one can start a business. The sole proprietorship is definitely not a lawful entity. It just alludes to an individual who possesses the business and is actually answerable for its obligations.
A sole proprietorship is a one-individual business that, not at all like partnerships and constrained risk organizations (PLCs), doesn’t need to enroll with the state in order to exist. On the off chance that you are the sole proprietor of a business, you become a sole proprietor just by leading business. Despite the fact that there aren’t entangled beginning up prerequisites for setting up a sole proprietorship, there might be nearby enlistment, permit to operate, or license laws you have to consent to make your business legitimate. You likewise need to think about your income tax and business obligation commitments in light of the fact that as a sole proprietor you are by and liable for paying these obligations.
Contact Us
ADVANTAGES OF REGISTER A PROPRIETORSHIP FIRM
Simple to Start – A Proprietorship Firm is very simple to start as legal formalities involved. Its registration is likewise not essential. Be that as it may, if the firm isn’t registered, it will be denied of certain legitimate advantages.
GST Registration – In a Proprietorship firm, the Proprietorship GST Registration Certificate will show the ownership for the firm. GST Registration can be enrolled with the GST Department.
Business/Firm Name – Since the name of a Proprietorship firm isn’t registered, a Proprietorship firm can decide to have any name – as long as it doesn’t encroach on an enrolled trademark. Be that as it may, since the name isn’t registered, some other individual can likewise utilize a similar business name except if trademark enlistment is gotten.
Simple to Close – The Proprietor and the Proprietorships are indeed the very same for every single lawful reason. Henceforth, there is no formality for twisting up or shutting an ownership. As a rule, to close a proprietorship, only the tax registrations obtained in the name of the proprietor must be canceled.
Yearly Filing not Required – A Proprietorship firm isn’t required to document its yearly records with the Registrar every year, in contrast to a Limited Liability Partnership or Company.
NORMAL REGISTRATIONS FOR PROPRIETORSHIP
MSME Registration – A Proprietorship Firm can get Udyog Aadhaar Registration(MSME Registration) on the off chance that it needs to enlist under Micro, Small, and Medium Enterprises and needs to get its advantages.
Trademark Registration – A Proprietorship Firm can file an application for Trademark Registration if it needs to register trademark of its Name, Logo, and so forth.
TAN Registration – In a Proprietorship firm, TAN isn’t required if your firm’s turnover doesn’t surpass Rs. 1 crore. If you have a proprietorship firm that is rendering professional services then you need not apply for TAN if it’s not crossing the limit of Rs 50 lakhs.
Import Export Code – A Proprietorship Firm can get Import Export License from Directorate General of Foreign Trade, if it wants to import or export of goods/services.
GST Registration – Proprietorship Firm should enlist under Goods and Services Tax, if its yearly turnover surpasses 40 Lakh for Goods Suppliers* 20 Lakh for Service Providers* and Mandatory for Interstate Supply.
How It's Done
- Purchase of Plan
- Provide Required Documents
- Prepare Registration Form & Get Confirmation
- Submit Registration Form on GST portal
- Complete Aadhaar Authentication
- ARN Number Generated for Tracking Status
- Get GST Certificate
Package Includes
- New GST Registration
- Online GST Certificate
- MSME Registration
- E-Way Bill Registration
- 1 Month GSTR3B Return Filing
- 1 Month GSTR1 Return Filing
- Online Payment Gateway
Frequently Asked Questions
Only one person is required for Proprietorship registration. If you are two owners, you can register as a Partnership Firm.
There is no limit on the minimum capital for starting a Proprietorship firm.
The Proprietor must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.
No, Proprietorship firms don’t have any Incorporation Certificate.
To open a bank account, RBI mandates that the proprietor must have two forms of registration like GST Registration, MSME registration, Shop & Establishment Act registration, Professional license, Chartered Accountant certificate, etc. along with the PAN Card, identity proof and address proof of the Proprietor.
Other Entity Registrations
Difference Type
- Recommended For
- Ease of Investment
- Limited Liability Protection
- Tax Advantages
- Perpetual Existence
- Statutory Compliances
Proprietorship
- Small Traders & Manufactures
- Impossible
- No
- Minimal
- No
- Minimal
Limited Liability Partnership
- Professional Service Firms
- Possible, but unlikely
- Yes
- Most efficient
- Yes
- Low
Private Limited Company
- Start-Ups & Growing Businesses
- Very Easy to Accommodate
- Yes
- Few Benefits
- Yes
- High
Reviews
There are no reviews yet.