L-Man Services got good name in the market for compliance service provider is equipped with experts and necessary resources to assist you complete the sole proprietorship registration.
Contact our sole proprietorship registration consultant immediately for sole proprietorship firm registration.
Sole Proprietorship
Sole Proprietorship Registration
What is a Sole Proprietorship Firm?
A sole proprietorship firm/ Sole Proprietorship Company is a business owned and controlled by a person/sole trader/proprietor. It is the most common type of business commenced by small/ individual merchants and traders.
Commencing the sole proprietorship firm/ Sole Proprietorship Company is effortless because you must fulfill a few compliance requirements to conduct its operations. Thus, it is the most appropriate form of business for small businesses with a few clients.
Moreover, business structure as a sole proprietorship company includes individual freelancers, growing startups, creatives, and settled businesses comprising physical storefronts/workplaces.
What is sole proprietorship registration?
As the name implies, it is a single-person registration of the Sole Proprietorship Company/ firm. The primary aim of a Sole Proprietorship Company is to commence a business immediately because it does not require to fulfil any special approval or requirements and perform activities with some compliance and less costing. Let's start with basic different between companies for better understanding of how a sole proprietorship company/ firm is different from other forms of business -
Tax Benefit
A sole proprietorship company/ firm is not required to pay income tax if the sole proprietor’s income is below Rs 2.5 or 3 lakh.
Complete Authority
As mentioned earlier, a sole proprietorship company/ firm is completely managed and controlled by its owner, who holds complete authority and makes decisions with/ without anyone’s consent.
Ease of Selecting Business Name
As mentioned, registration of the sole proprietor firm is not mandatory, you can choose any name for your business. However, it should not contravene any laws such trademark registration and other applicable laws.
Effortless to Commence Business
A sole proprietorship is the simplest form of business because its registration is not mandatory nor does it require any formalities. Yet, opening a bank account or acquiring a payment gateway on the business name could be challenging. Consequently, to open a bank account effortlessly, you are required to register your sole proprietor firm.
Ease of Dissolution
Just like it is effortless to commence a sole proprietorship, you can easily dissolve, terminate or sell the same because you are not required to fulfil any legal formalities such as obtaining TDS. Moreover, you can easily sell the assets of the sole proprietorship company/ firm to an individual or an association.
No or Less Government Regulation
Among various types of business organizations, a sole proprietorship is least regulated by the government because the government has imposed limited restrictions on the same.
What Kind of Businesses Can be Sole Proprietorships?
Grocery store
Computer repair services
Tutorial services
Small traders
Fast food vendors
Manufacturing businesses
Home healthcare ( such as cooking meals, cleaning homes, etc.)
Documents Required For Sole Proprietorship Firm Registration | Documents For Sole Proprietorship Company Registration
• Photocopy of PAN card of sole proprietoship.
• For identity proof, you need to submit a photocopy of your Aadhar card or Voter Identity Card.
• For the address proof, you need to submit the water or electricity bill.
• Photographs (passport size).
• In the case of the Shops and Establishment Act, you are required to submit a sale deed/ ownership proof or rental agreement.
To recapitulate, sole proprietorship registration certificate could be perplexed as it involves acquiring several documents. With that, you need to ensure appropriate documentation, as, without this, your application for the sole proprietorship registration certificate for MSME or GST registration could be rejected.
Thus, to make the registration process easy, contact L-Man we guarantee to provide you the most appropriate sole proprietorship registration consultant in obtaining sole proprietorship India registration while keeping your convenience insight.
Registration of the Sole Proprietorship Firm | Sole Proprietorship Firm Registration
A sole proprietorship firm registration can be done mainly under different forms:
1. Sole Proprietorship Firm Registration Under Shop and Establishment Act
A proprietor with a shop needs to do this registration. Registration under this act defines a shop as a premises,
• A site where the services are provided to clients.
• A location where a person is engaged in selling goods, either as a retailer or wholesaler.
• Any place associated with business or trade could be an office, godown, workplace, etc.
• To be noted, it does not comprise a factory, commercial establishment, theatre, etc.
If you satisfy the criteria mentioned earlier, you can register your shop under the Shop and Establishment Act by applying to the local Municipal Corporation of the city.
2. Sole Proprietorship Firm Registration Under GST Registration
You need to register your firm under GST registration if you are engaged in providing of goods and services.
To be noted, GST registration has replaced the VAT and Service Tax Registration.
Though, GST registration is the most acceptable way to register your business. However, after registration, you are obligated to meet the requirements. For instance, a sole proprietorship registered under GST registration needs to collect the tax from the customers mandatorily
3. Sole Proprietorship Firm Registration Through Udyog Aadhar Under Ministry of MSME
Under this registration process, the Ministry of MSME provides a unique identification number to the business. This registration process has replaced the former EM-I and EM-II.
Registration through Udyog Aadhar allows the availability of loans at low interest rates, including submission of less money deposition for government projects.
Additionally, understanding which type of registration would be better for a business could be tedious and perplexing for an individual as it is not restricted to registration under MSME, Shop and Establishment Act, and GST registration, but it includes other forms too, such as registration under PF (Provident Fund), IEC registration, and other applicable registration on a sole proprietorship. Moreover, the requirement of documents could differ depending on the registration form type.
Therefore, to resolve all your concerns, we have sole proprietorship registration certificate experts who will assist you throughout the process to avoid every inaccuracy. Thus, we ensure to provide you high standard Sole Proprietorship Firm Registration services by guaranteeing the utmost convenience of our clients.
Our Role in Sole Proprietorship Registration Certificate | How Will We Help You As a Sole Proprietorship Registration Consultant?
• "For a smooth registration process, our sole proprietorship registration consultant will ensure proper documentation.
• Our sole proprietorship registration consultant will assist you in filling the application form.
• Our sole proprietorship registration consultant will ensure to keep track of your Sole Proprietorship Firm Registration application.
• Our sole proprietorship registration consultant will coordinate with officials to ensure proper follow-ups.
• Our sole proprietorship registration consultant will provide our assistance in meeting startled requirements if asked by authorities.
• Our sole proprietorship registration consultant will directly coordinate with authorities to fulfill all the requirements.
• Our sole proprietorship registration consultant will provide you with the most satisfactory solution for your concerns in respect to Sole Proprietorship Firm Registration.
Conclusion
To recapitulate, sole proprietorship registration could be perplexing as it involves acquiring several documents, understanding which type of registration would be better for a business, etc. With that, you need to ensure appropriate documentation, as, without this, your application for the sole proprietorship India registration could be rejected.
Consequently, to resolve all your concerns, we have sole proprietorship registration experts who will assist you throughout the process to avoid every inaccuracy. Thus, we ensure to provide you high standard services by guaranteeing the utmost convenience of our clients.
For our excellent services contact our sole proprietorship registration consultant immediately for Sole Proprietorship Firm Registration.
