Proprietorship is an alias for doing Business individually. It is ideal for very small businesses in the unorganised sector.
Our Package Starting at Rs. 1000/- all inclusive
1. Consultancy on Composition of Business & Taxes
2. MSME Registration (Udyog Aadhar)
3. Shops & Establishment License
Proprietorship needs no or minimal registration. Therefore, it is one of the easiest form of business entity to start with no or minimal formalities.
As the Proprietor and the proprietorship are one and the same for all legal purposes, therefore no formality for closure or winding up required. To close a proprietorship, only the tax registrations obtained in the name of the proprietor must be cancelled.
Since the name of a proprietorship is not registered, a proprietorship can choose to have any name - as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.
Since there is only one person involved in the business activities, full control over operations or decision making powers are available with one person unlike Company or Partnership.
As the Proprietor and the proprietorship are one and the same for Income Tax Purpose too, therefore, proprietorship gets benefit of basic exemption limit, Chapter VI-A deductions, Rebate u/s 87A and lower tax rates upto Rs. 10 Lacs, which are not available to a firm/LLP or a company.
Since, there is no regulatory mechanism/act for Proprietorships in India, only compliance which a proprietorship is required to adhered with is Direct & Indirect Tax Compliances unlike companies & LLP who are required to comply with their respective regulatory acts also.
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Consultancy on Composition of Business & Taxes
MSME Registration (Udyog Aadhar)
Shops & Establishment License
Complete Basic Package
Completer Standard Package
Any Indian citizen with age above 18 years.
To open a current account, you need proof of the business. Generally, banks requires 2 proofs of business in addition to your PAN card and Aadhar card. You can use any of the above 2 proofs, we are offering you, for opening current account.
As there is no governing act for sole proprietorships in India, you can start your business from the day you want to, however, other registrations takes 2 to 15 days time span for getting you registered.
No, you can start your sole proprietorship from your home or residential property also, whether rented or not. Further, you can take registrations with your home or residential address, we just need is an utility bill copy with consent letter from your landlord, if rented.
Yes, you can choose any name whether it is being used by other or not - as long as it does not infringe on a registered trademark.
Can I Change the business costitution later on? or
What if I wish to convert from sole proprietorship to private limited company or partnership?
Yes, you can always choose to do so. The procedure is a little tedious, but it is possible. It is very common for sole proprietors to convert into partnerships and private limited companies at a later stage.