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A sole proprietorship firm represents the most straightforward business entity in India, entirely owned and managed by a single individual. It stands out as the easiest and most straightforward method for initiating and establishing a business venture.
A sole proprietorship is a type of business entity that is owned and managed by a single individual. In many countries, including India, it is considered the simplest form of business structure. While it is not governed by specific laws that pertain exclusively to sole proprietorships, it is still subject to various legal and regulatory requirements that apply to businesses in general.
In a sole proprietorship, all decisions and the day-to-day management of the business typically rest solely in the hands of the owner. However, it's important to note that even though it may be a straightforward business structure, it is still subject to taxation, licensing, and other legal obligations that are relevant to the operation of a business in the respective jurisdiction. Additionally, the liability of the owner is unlimited, meaning they are personally responsible for the business's debts and obligations.
Let's take a closer look at the benefits of Private Limited Company registration in India:
A proprietorship firm has minimal compliance requirements, making it a more preferable option than a One Person Company.
Docs Uncle is not subject to any specific governing legislation and doesn't mandate mandatory registration, making it one of the simplest ways to establish a business entity.
Sole proprietors serve as the exclusive owners of their businesses and enjoy complete control over their profits.
Sole proprietorship firms provide the owner with significant flexibility in terms of operations, management, and decision-making.
Our experts provide professional guidance on various aspects of registering your sole proprietorship business, including service tax, sales tax, import/export code, and professional tax registration processes.
Our team will connect you with an experienced vendor who will handle your application and provide regular updates on its status and progress. The vendors we collaborate with are highly proficient in managing local registrations.
Our team will provide comprehensive support throughout the registration process. The duration may vary, typically ranging from 5 to 15 days, depending on the specific requirements and processes involved with the relevant authorities.
The total fees for registration of Sole Proprietorship Firm in India is ₹1,999 including government and professional fees. The main cost is mandatory registrations for existence of proprietorship firm like GST registration, MSME registration, etc.
On average, it takes around 7-10 working days for registration of sole proprietorship firm in India subject to document verification by the concerned authorities.
You can register your business as a sole proprietorship by GST registration. There are additional and beneficial registrations too like MSME, Shop & License License, etc.
The three advantages of a sole proprietorship are:
Yes, one needs to obtain GST registration in order to establish the existence of the proprietorship firm.
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