Sole proprietorship, as defined by the Govt. Of India, is a “one-man business where a single individual owns, manages and controls the business”.
One of the most important benefits is ease of formation, since a government listing is not required. There are no fees to be paid for opening a one-man business on your own, and there is no government rigid paperwork and compliance to be fulfilled. There are no minimum capital investment requirements, and the owner has full control and ownership stake.
You get to keep whatever profit or income you generate. Furthermore, the tax benefits of sole proprietorship prevent double taxation of the firm. You will file returns and pay taxes only in your individual name. There are no separate income returns to be filed and no tax to be paid by the firm.
Documents to be required for Registration:-
- 1. Pan card is mandatory.
- 2. Id Proof other than Pan Card ( eg : Aadhar Card, Driving License, Voter Id Card etc. )
- 3. Business address proof (eg: any two of them – electricity bill, Lease dead, rent agreement, Legal Ownership Proof etc.)
Type of the Sole Proprietorship Registration ?
A sole proprietorship firms requires at least 2 proofs for lawful entity. Following are the papers which can be used as legal proofs for entity:
1.MSME Registration certificate along with CA business certification
2.GST RC as proprietorship entity
Get your sole proprietorship from anywhere in India. Submit the required documents and we will assist you with the whole registration process.