Sole Proprietorship is a business which is managed by a single person. Registration is not necessary. In present time, entrepreneurs are picking proprietorship as their business form.
Those person who want to start less investment business can use this business form. It starts in 10-15 days which is a short span of time. In this form of business one person handles on his own. There are certain points why proprietorship is chosen:
Open bank account on the name of business
Can be started by one person easily
Minimum compliance for running of business
Less expensive than other forms of business
No corporate tax payments
Only person handles the business
Unlimited liability of proprietorship, he is personally liable for all the transactions of the firm.
Business depends on only one person i.e. on his demise business may shut down.
Only one person manages the business, so he may face difficulty in increasing capital.
KYC Bank documents
License under Shop & Establishment Act
Income Tax Return of latest financial year
Passport size photograph
The registration proces of the Proprietor firm is simple and a short process.
Step 1 : Fill application form of Proprietorship firm.
Step 2 : Make payment accordingly, via online modes.
Step 3 : Submit the necessary documents needed for registration.
The registration can be done in four ways:
Registration under MSME : MSME Registration Certificate + CA Business Certification
GST registration certificate as Proprietorship Entity
Shop Act License
Income Tax Returns (Business ITR)
Always file Income Tax Return annually
File GST Return if you are registered under GST
File TDS return if proprietor is liable for Tax Audit
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