Sole Proprietorship
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What is a Sole Proprietorship?
When a business is owned and governed by one person, it is called a sole proprietorship company. It is a type of unregistered business entity that is owned, managed, and controlled by one person. A sole proprietorship is the most common type of business in India and it is used by most micro and small businesses operating in the unorganized sectors.
Proprietorships are simple to start and have minimal regulatory compliance requirements for operating. This entity is ideal for entrepreneurs who are getting into business for the first time and for small businesses with few clients. This type of business can be incorporated in fifteen days and hence makes it one of the most popular types of business to begin in the unsystematic sector, specifically among merchants and small traders.
Advantages of a Sole Proprietorship
Simple to start
The entrepreneur can start operations and receive payments from clients as no registrations are required to start a proprietorship.
Easy compliance
The other advantage of a Proprietorship is that it requires no additional compliance in most cases. The PAN of the proprietor and proprietorship are one and the same. Hence in most cases, only income tax return in Form ITR-3 must be filed every year.
Easy dissolution
The proprietor does not have to particularly wind up the company in case he wants to cease operations. This saves a lot of time and effort.”
Lower Tax Rate
All income earned by proprietorship business is taxable in the hand of the individual. Individual Income Tax slab is applicable and the income tax threshold limits also applicable for calculating the Tax.
Other Services
Trademark Registration
Rs.5,999/-
Brand Copyright
Rs.3,999/-
FSSAI Registration
Rs.3,999/-
FSSAI License
Rs.6,999/-
Business Plan
Rs.39,999/-
Financial Projection
Rs.29,999/-
GST Registration
Rs.1,999/-
ISO Registration
Rs.7,999/-
Terms and Conditions
Rs.8,999/-
Registration Process Flow
1-2 HOURS
2 WORKING DAYS
Select Package
At Our Startup India, we offer a range of packages to suit your needs. Start by selecting the appropriate one, fill out the required forms, or simply speak to our experts online for assistance.
Filling Registration Form
Our StartUp India will help you fill out all vital documents, including the Incorporation Certificate. The Ministry of Corporate Affairs will issue your PAN and TAN.
Documents Required
Minimum criteria
- Only one director/ owner
- No minimum share capital
Documents for Owner
- Self Attested Copy of Pan Card.
- Self Attested copy of Aadhaar Card / Passport / Driving License / Voter Identity Card
- Passport size photographs
- Self Attested Copy of Bank Statement /Telephone Bill / Mobile Bill
Document For Registered Office
- Electricity/Water bill pertaining to the proposed registered office
- Copy of rent agreement (if chosen a rented property) or property papers (if owned property)
Simple & Transparent Pricing
Basic Package
Save upto-10% cost on this package
7,999
(inclusive All)- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
Growth Package
Save upto-20% cost on this package
9,999
(inclusive All)- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
- GST Registration
- Stamp and Company Seal
- Bank – Current Account Opening
- 10% Discount on Future Service
Premium
Save upto-30% cost on this package
16,999
(inclusive All)- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
- GST Registration
- Trademark Registration
- 1month free GST filing
- NDA
- Guideline for Startup India Registration.
- Stamp and Company Seal
- Bank – Current Account Opening
- 10% Discount on Future Service
FAQ's on Sole Proprietorship
A sole proprietorship differs from other forms of business in several ways. Sole proprietorships are the least complex and cheapest form of start the business. Sole proprietorships require minimal formal paperwork to start the business. Sole proprietorships do not shield individuals from liability for their business debts, or we can say individuals having unlimited liabilities. Sole proprietorships are treated as simple income for tax purposes and do not need to have separate taxes prepared.
Yes, it can be possible, when the Individual needs conversation from proprietorship to private, LLP, or OPC can be done at a point of time.
The owner of a sole proprietorship business in India is called a proprietor. It cannot be a corporate or legal entity. The proprietor and the proprietorship are considered to be the same entity legally.
Most local businesses are run as sole proprietorships, from grocery stores to fast-food vendors, and even small traders and manufacturers. That is not to say that larger businesses cannot operate as sole proprietorships, they can! Jewelry shops are sole proprietors, but it is not recommended.
A Sole Proprietorship business does not take more than 15 days to set-up and start functioning. This simplicity makes it popular among small traders and merchants. It’s also much cheaper, of course. This is the other reason why it’s the most widely used business structure.
Proprietorship firms are business entities that are owned, managed, and controlled by one person. So they cannot issue shares or have investors.
Proprietorships will have to file their annual tax return with the Income Tax department. However, annual reports or accounts need not be filed with the Ministry of Corporate Affairs, which is required for an LLP or a company.
There is no limit on the minimum capital required to start a proprietorship.
Yes, you are personally liable for your sole proprietorship. You will be held personally accountable for your business’s debts and legal judgments.