PROPRIETORSHIP REGISTRATION

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PROPRIETORSHIP REGISTRATION

Proprietorship Registration

A Sole Proprietorship is a form of business entity that is owned and managed by one person. In sole proprietorship, business and person are not considered as different entity. It is one of the most common form of business in India. Since Sole proprietorship is not governed by any specific law in India hence it has very less compliances requirements and easy to open.
Sole proprietorship does not provide many benefits such as corporate status, separate legal entity, forever existence etc to its promoters which are the fundamental requirements of any business. Hence this type of business form is generally used by unorganized sector in India.

Although Sole proprietorship does not require any registration but to get business recognition, It is advised to obtain the following registrations:

GST Registration
SME Registration
Shop and Establishment License

Why Proprietorship?

Less Compliances and formalities
Easy to Start/ Establish
Benefit of Individual Income Tax Slab
No Audit Requirement
Cheaper in compare to other business forms

Procedure for registration

1. Just fill our simple form
Click HERE. You are required to fill all your details in questionnaire form.
2. Get a call from us
Our Authorized Representative will get in touch with you and explain the full process.
3. Submission of documents
You need to submit relevant documents (list provided by us)
4. Congratulations
Your Certificate will be provided. Now just grow Together.

Frequently Asked Questions

Who can be Sole Proprietor?

Any Individual who is Indian Resident

Whether GST registration is mandatory for Proprietorship?

No, moreover GST registration is mandatory only in case when annual turnover of proprietorship exceeds following threshold limit
1. Rs. 40 Lakhs in case of Goods (allover India except some specified states i.e. Northeastern part of India)
2. Rs. 20 Lakhs in case of Services (allover India except some specified states i.e. Northeastern part of India)
3. Rs. 10 Lakhs in case of Goods and Services for these specified states i.e. Northeastern Part of India

How much investment is required for Proprietorship business?

There is no limit on minimum and maximum capital requirement. Hence Proprietorship can be started with any amount of capital.

Can I convert my proprietorship into company or LLP later on?

Yes, Proprietorship can be converted into company or LLP Later on. However procedures to convert a proprietorship into company or LLP are complex and expensive.

What are the annual compliance and audit requirements for proprietorship?

Proprietorship is required to file its annual income tax return. Other tax filings such as GST returns etc. if applicable may be filed at regular intervals. It is not necessary to get its financial statements audited. However Tax audit may be applicable on the basis of turnover and other criteria specified by Income Tax Department.

PROPRIETORSHIP REGISTRATION