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Proprietorship

Proprietorship

Sole proprietorship is the most convenient and easy way to business. In this method you are the sole owner of your business and you are entitled to 100% profit and losses. Sole proprietorship carries minimal paperwork and formalities. However, in order to run a business, there are certain requirements that needs to be fulfilled. Sole proprietorship is the most common form of business practiced in India and is not governed by any specific book of laws. Proprietor has the whole rights of the business to himself in terms of legal formalities, decision making, finance etc.

    Proprietorship


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    Some obligations which need to be fulfilled by Sole proprietorship

    These days Sole proprietorships need to register themselves under Tax laws such as GST, MSME registration ,Shop and Establishment (if certain conditions are fulfilled).
    Some obligations are met if you are staring a specific business like for example, to start food business as a proprietorship, you might need to register with FSSAI or get FSSAI License.
    Sole proprietorship business is beneficial for small businesses holders such as retail, wholesale, etc.
    The business having little or minimal capital requirements or least financial risk and have small product market sole proprietorship is best.

    Process for consultation

    Fill the required detail.

    Make payment through the prescribed mode.

    Experts will be assigned

    Call from experts.

    Any Query ??
    Don't hesitate to contact us

    We can work on any of the Accounting Software of your choice and deliver you the work on time.

    There are 2 ways involved

    Business Licenses

    Business Licenses are various types depending upon business you start For example, to start your food business as a proprietorship, you might need to register with FSSAI or get FSSAI License. We will guide you on each and every step of licensing so that you can focus on core business wok.

    Tax related advice

    All our experts will take care of all your tax related compliance with nominal fees. So no need to worry at all.
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    Some compliance required for Sole Proprietorship

    TDS Return Filing
    GST Compliance
    Documentation of invoices and Registers
    Drafting of Annual Financial Statements
    Tax Audit
    Filing Income Tax Return

    FAQ

    Sole proprietorship structure is good when you don’t want much formal compliance.
    Yes, you can, our experts will guide you on how to register and type of licenses required for your business to function smoothly.
    We as a businessman many a times are not aware about the legal and government compliance so expert consultation will help to get all those things easily.
    Once payment is been done your consultation will be booked with one of our experts and you will receive a call to solve your problems.

    Comparison

    Private Limited CompanyOne Person CompanyLimited Liability PartnershipPartnership Firm Proprietorship Firm
    Act Companies Act, 2013 Companies Act, 2013 Limited Liability Partnership Act, 2008 Indian Partnership Act,1932 No specified Act
    Registration Requirement Mandatory Mandatory Mandatory Optional No
    Number of members 2 – 200 Only 1 2 – Unlimited 2 – 50 Only 1
    Number of Director/Partner 2 – 15 Only 1 2 – Unlimited 2 – Unlimited Only 1
    Separate Legal Entity Yes Yes Yes No No
    Liability Protection Limited Limited Limited Unlimited Unlimited
    Statutory Audit Mandatory Mandatory Dependent Not mandatory Not mandatory
    Ownership Transfer ability Yes No Yes No No
    Uninterrupted Existence Act Act Act Act Act
    Foreign Participation Allowed Not Allowed Allowed Not Allowed Not Allowed
    Tax Rates Moderate Moderate High High Low
    Statutory Compliance High Moderate Moderate Less Less