Ready for Your
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!
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 Requirments 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
To make your journey even smoother, gather the following documents for a seamless registration process:
- Proprietor’s PAN Copy
- Aadhaar Copy/Voter’s ID/Passport/Driver’s License
- Rental Agreement
- Sale Deed
- Passport Photo
- Latest Electricity Bill
- Other Relevant Documents
Pay as You Grow
Tailored Packages for Your Success!
We believe in your growth, which is why we offer flexible packages designed to accommodate your evolving needs. Choose the package that suits you best:
Standard Package
₹
5899
- GST Registration
- MSME Registration
- Bank Current Account
- 3 Month GST Return Filing
- TAN Registration
- 1 Year ITR Filing
Premium Package
₹
9899
- GST Registration
- MSME Registration
- Bank Current Account
- 3 Month GST Return Filing
- TAN Registration
- 1 Year ITR Filing
- Import Export Code
Note: Fees are subject to change based on turnover and income tax requirements. For accurate and up-to-date information, please contact our experts.
Frequently Asked Questions
Your Queries, Our Answers
Any Indian national with a current bank account under a business name is eligible for forming a Sole Proprietorship firm. Our experts will guide you through the process, ensuring a seamless setup.
As a Sole Proprietorship is not a separate legal entity, the proprietor has unlimited liability towards the business. We can assist you in understanding and managing your liability effectively.
While Sole Proprietorship does not have government-mandated registration requirements, certain tax-related registrations under the business name are essential. Count on us to help you acquire them effortlessly.
Absolutely! If you plan to convert your Sole Proprietorship into a Partnership or Limited Liability Partnership (LLP) in the future, we can guide you through the process seamlessly.
Income from a Sole Proprietorship is treated as the proprietor's personal income, as the Sole Proprietorship itself is not a separate legal entity. Our experts will ensure you navigate the tax landscape with ease.
Only one person is required to start a Sole Proprietorship, making it an accessible option for aspiring entrepreneurs. BizSetupGlobal will be with you every step of the way!
While audited financial statements are not mandatory each year, a tax audit may be required based on turnover and other criteria. Our team will assist you in fulfilling your audit requirements, ensuring compliance.
Absolutely! We can guide you through the complex process of converting your Sole Proprietorship into a Private Limited Company or LLP, empowering you to explore new horizons.