Sole Proprietorship Registration
In a Sole Proprietorship, only one person controls the business. Therefore, the owner and the business are considered as one entity. In other words, there is no difference between the sole proprietorship firm and its owner.
PocketLawyer is India's leading platform for business registration services and we make the process of Sole Proprietorship Registration easy and hassle-free for you. In addition to Proprietorship Firm Registration, PocketLawyer can also help you with registration of One Person Company (OPC), Partnership Firm, Limited Liability Partnership (LLP), Private Limited Company, Section 8 Company, Nidhi Company, Producer Company and more.
Features of Sole Proprietorship
Some unique features of sole proprietorship firm are:
- Full control over the business.
- Unlimited liability of the owner.
- No perpetual succession.
- Complete freedom to make decisions.
- No separate legal entity.
Benefits of Sole Proprietorship
A sole-proprietorship business has the following benefits.
- Ease of formation.
- Tax benefits such as paying taxes at individual tax rates, and not corporate rates.
- Lesser compliance requirements.
- Fast and easy decision making.
Documents for Registration
There is no formal process for registering a sole proprietorship. But, you need following registration for your business such as:
However, please note that you don't need all the registration. The kind of registration will depend upon the type of your business. It will also depend on your annual turnover. This is because there is a threshold limit which exempts you from compulsory registration until you reach a specific turnover.
Moreover, you will also need to open a current account in a bank for your business.
For a seamless registration process, please keep the following documents ready. These documents will serve for all the above registrations and also for opening a current account.
- Copy of your PAN card.
- Address proof in your name, such as passport, voter ID, or utility bills.
- Your passport sized photographs.
- Proof of address for your business such as telephone or electricity bills.
- Shops and Establishments registration certificate (for opening current bank account)
- Bank account statement from the current banker.
Fee for Registration of Sole Proprietorship
The government fee starts from Rs. 500 and the professional fee starts from Rs. 2500 depending on your registration needs.
Timeline for Sole Proprietorship Registration
It depends on the type of registration. Therefore, there is no fixed timeline. The process of registration may take anywhere between 2 to 20 business days. This timeline is further subject to government procedure and approval.
Why choose PocketLawyer for Proprietorship Registration?
- Experienced and qualified professionals with 12 years of average experience.
- Access to highly qualified professionals anytime, anywhere in India.
- Fixed price. No hidden fees or long-term commitment.
- 100% satisfaction guaranteed. Our money back guarantee makes sure that you get complete satisfaction, every time you choose our services.
What is more?
- Our dedicated support team is always there to help you with any query or issue that you may have.
- Choosing PocketLawyer means the best service, at the best price