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    Proprietorship

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      Proprietorship Firm Registration

      Online Process, Importance, Documents Required

      The most basic type of business entity in India that is owned and run by a single individual is a sole proprietorship. It is the simplest method to register and launch a company.

      • What is Sole Proprietorship.
      • Benefits of Proprietorship Registration.
      • Procedure of Proprietorship Registration
      • Documents Required for Proprietorship Registration.
      • Documents you’ll get after proprietorship registration.
      • Proprietorship Registration Fees
      • Time required for registration process.
      • Frequently Asked Questions

      What is a Sole Proprietorship Firm?

      A company entity known as a sole proprietorship is controlled and owned by just one individual. It is the most straightforward type of business in India because it is not subject to any laws. One person is in charge of all corporate decisions and management.

      Benefits of Proprietorship Firm Registration

      Let’s examine the advantages of registering a private limited company in India in more detail:

      Minimal Compliances:

      A proprietorship is a far better alternative than a one-person company since it has much fewer compliance needs.

      Easy to Start:

      There are no legal regulations governing sole proprietorships, and there is no registration required. It is therefore the simplest method for establishing a corporate entity.

      Lower cost:

      Employing an auditor to meet legal compliance requirements is not necessary because there are a few compliances.

      Complete control:

      Since a proprietorship company is controlled by just one person, there are no outside influences and the owner has total control over all business choices.

      Registrations required for Sole Proprietorship Firm

      1. Registration for GST.

      2. MSME Enrollment.

      3. Store and Establishment Act Authorization.

      Registration process for a sole proprietorship firm.

      Step 1. GST Registration Application.

      A GST application must be filed with the department, depending on the business’s needs and the GST Law. It typically takes 5-10 business days to apply for GST.

      Step 2. MSME Enrollment.

      You must apply to register your proprietorship business as a Small and Medium Enterprise (SME) under the MSME Act to prove its existence and receive several benefits. At the moment of borrowing money, is beneficial for the company. The government offers low-interest loans to SMEs through several programs.

      Step 3.Application for License of Shop and Establishment.

      Local rules require you to obtain a license for your store or establishment. Based on the number of staff members or workers in the company, the municipal corporation issues it.

      Step 4. Opening a Bank Account.

      Following completion of all procedures, the proprietorship firm should open the current bank account. You can get in touch with us if you need help opening your present bank account.

      Registering an online proprietorship firm with Taxcult.

      Getting your business registered as a sole proprietorship is a rather simple process. You may avoid any hassles throughout the registration procedure by working with our professionals at Taxcult. Three easy procedures to register your business online:

      Step1 :

      Reach out via phone or using the contact form.

      Step2 :

      Give the required paperwork.

      Step3 :

      Register your incorporation within 7 to 10 working days.

      Documents needed to register as a sole proprietor

      1. Aadhar card copy

      2. Copy of PAN card.

      3. Address proof of office.

      Documents you’ll get after proprietorship registration.

      Following the incorporation of your single proprietorship business, the following documents will be sent to you:

      1. Certificate of GST Registration.
      2. License under the Shop and Establishment Act
      3. MSME Certification





        Registration Fees for Sole Proprietorship Firms.

        The overall cost of registering a sole proprietorship firm in India includes both professional and government-related expenses. The primary expense consists of the required registrations for a proprietorship business, such as MSME and GST registrations.

        Registration you should get after Company Incorporation.

        GST Registration
        Shop & Establishment License
        Trademark Registration
        Start-up India Registration

        Time required for Proprietorship registration

        Subject to paperwork verification by the relevant authorities, the registration of a sole proprietorship firm in India typically takes 7–10 working days.

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        Frequently Asked Questions (FAQs)

        Through GST registration, you can register your company as a sole proprietorship. Other advantageous registrations include MSME, Shop & License, and others.

        The following are a sole proprietorship’s three benefits:

        1. Minimal requirements for compliance.
        2. Simple to Begin.
        3. Cheaper

        Yes, in order to prove that a proprietorship firm exists, one must seek GST registration.

        Subject to paperwork verification by the relevant authorities, the registration of a sole proprietorship firm in India typically takes 7–10 working days.