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.
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Corporate Genie
Some obligations which need to be fulfilled by Sole proprietorship
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.
Corporate Genie
Some compliance required for Sole Proprietorship
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 Company | One Person Company | Limited Liability Partnership | Partnership 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 |