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Sole Proprietorship?
Understand the Fundamentals of Sole Proprietorship
From the meaning and features of Sole Proprietorship to the difference between Sole Proprietorship and partnership, we’ve got you covered. Discover the advantages, disadvantages, and examples of Sole Proprietorship that will leave you inspired and ready to take on the world!
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Why Choose Sole Proprietorship?
A sole proprietorship is a legal entity owned, managed, and controlled by a single individual.
Most small and micro enterprises operate under the sole proprietorship structure in India.
Sole Proprietorship offers numerous benefits, making it an ideal choice for aspiring entrepreneurs and small businesses:
Huge Potential
Allows you to start operations and receive payments without the burden of extensive registrations.
Seamless Compliance
As a sole proprietor, you'll enjoy minimal compliance requirements, giving you the freedom to focus on what truly matters – growing your business.
Affordability Redefined
Launching your Sole Proprietorship won't break the bank. With BizSetupGlobal, you'll experience a seamless, cost-effective setup process, eliminating unnecessary fees and paperwork.
Flexibility at Your Fingertips
Sole Proprietorship allows you to make independent decisions and manage your business on your terms, giving you the flexibility you need to adapt and thrive.
Effortless Transitions
Our experts are well-versed in guiding you through the transition to more complex business structures, such as corporations.
Sole Proprietorship Solutions: Your Pathway to Success
Registration Assistance
Our seasoned professionals will guide you through the registration process, ensuring compliance with all applicable laws and regulations.
Document Preparation Made Easy
We’ll assist you in preparing essential documents such as PAN copies, Aadhaar copies, rental agreements, sale deeds, passport photos, and more.
Navigating the Registration Maze
With our expertise, you’ll effortlessly obtain necessary registrations like MSME registration, TAN registration, GST registration, Import Export Code, and FSSAI registration tailored to your business requirements.
Financial Empowerment
Setting up a current account for your Sole Proprietorship is a breeze with BizSetupGlobal. Enjoy the convenience and flexibility of managing your finances efficiently.
Annual Compliance Simplified
Our dedicated team will take care of GST returns, income tax returns, TDS returns, tax audits, financial statement preparation, and sales and purchase invoice documentation, ensuring your peace of mind.
Indian Business Structure Requirements Comparison
| Criteria | Private Limited Company | One Person Company | Sole Proprietorship | Limited Liability Partnership | Partnership Firm |
|---|---|---|---|---|---|
| Ideal for Business | Startup & Growing Companies | Single Promoter | Small Traders & Manufacturers | Professionals Service Firms | Small businesses & Home Businesses |
| Requirements | 2 Directors/Shareholders | 1 Director/Shareholder | 1 Proprietor | 2 Partners | 2 Partners |
| Initial Investment | Not Required | Not Required | Not Required | Not Required | Not Required |
| Tax Advantages | Few benefits | Few benefits | Minimal | Most efficient | Minimal |
| Compliances | High | High | Minimal | Low | Minimal |
| Limited Liability Protection | Yes | Yes | No | Yes | No |
| Investment Options | Very easy to accommodate | Possible but unlikely | Not possible | Possible but unlikely | Not possible |
| Managing Cost | High | High | Very Low | Moderate high | Very Low |
| Paper Work | High | High | Very Less | Moderate high | Less |
| Perpetual Existance | Yes | Yes | No | Yes | No |
| Time Taken | 5-10 days | 5-10 days | 5-7 days | 5-10 days | 5-10 days |
Documents Required
- PAN Card and Address Proof: Submit the PAN card and address proof of all partners involved in the partnership.
- Proof of Principal Place of Business: Provide the necessary documents establishing the principal place of business for your partnership firm.
- Application for Registration of Partnership (Form 1): Complete and submit the application form for partnership registration.
- Certified Original Copy of Partnership Deed: Include the certified original copy of the partnership deed, outlining the terms and conditions agreed upon by the partners.
- Affidavit: Submit a specimen of an affidavit certifying the accuracy of the partnership deed and accompanying documents.
How to Get Started with Sole Proprietorship?