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Sole Proprietorship

Sole Proprietorship is the easiest and quickest business form to start your business if you have limited funds and resources. Other than this, it is the most feasible type of business if you want to execute your business plan with the least legal compliances and minimum operational outlay.

Sole Proprietorship

It is a type of business entity which is owned, managed, and controlled by a single person. This business owner is called as Sole Proprietor of the firm. As the business is run by a person, there are no legal differences between the promoter and the business. He receives all the profits. It is easy to start as there are fewer legal formalities and fewer formation costs are involved. The government of India has not yet prescribed registration mechanism for registering a sole proprietorship firm. The registration thus can be only recognized through tax registrations which the business is needed to have as per the rules and regulations. These tax registrations may have SSI/MSME registration and or GST Registration which should be obtained in the name of the proprietor to start the proprietor is operating a business as a sole proprietorship.

Legal Way is an eminent platform for all types of ideas and progressive concepts that need end-to-end incorporation, advisory, compliances, and management consultancy services. Establishing a Sole Proprietary firm is seamless, easy and the cheapest with Legal Way! Get a free consultation for Sole Proprietary firm registration and the setup in India from us by scheduling an appointment, today.

    Passport Size Photo
    Aadhar Card
    Proof of Business Address

Advantages

Easy incorporation
Minimal cost
Lesser compliances

Frequently Asked Questions

A person holding Indian citizenship can start a sole proprietorship firm in India.

Most of the local businesses are run in Sole Proprietorship. From the grocery store to a fast food vendor, and all the small traders and manufacturers, these businesses can be sole proprietorships.

You can always choose to do so. The procedure is simple. People usually at larger stages convert sole proprietorships in partnerships or private limited companies.

As a sole proprietor, you are obligatory to file an income tax return annually. Also, you need to file GST Return if you are registered under GST. A sole proprietor must also deduct TDS and file TDS return.

Legal Way provides Proprietorship registration and processes all the inquiries all over India. You apply for registration form anywhere from the country.

To open a current account, you will need to prove the existence of your business. many of the banks will ask for MSME registration and GST registration. In addition to this, you will need a PAN card and address and identity proofs.