Perfect for freelancers and new business owners. Very easy to set up with minimal documentary requirements. Provides great tax benefits and superior ease of doing business.
Sole proprietorships are quite common terms these days. When an individual executes various business projects and is the sole business entity that gets represented via the brand and the services, the company in question is a sole proprietorship. The company and the person are not separate from each other; in other words, the identity of the individual represents the business. But sole proprietorship provides several advantages like flexibility in operations, lower tax rate, etc., and hence it could be one of the most promising first steps for businesses worldwide.
There are times when a business does not have an authoritative collective that governs its actions. Instead, the same is done by a single person. A sole proprietorship is controlled and administered by a single owner, and often reflects the unregistered businesses that are owned and managed by a single person as well. In India, a sole proprietorship is one of the most popular, growing, and trending businesses. Most micro and small businesses operating in the unorganized sectors are sole proprietorships.
Proprietorships are easily established. They contain the least amounts of regulatory constraints and compliance requirements for operations. When entrepreneurs are venturing into businesses for the first time or when small businesses are operating with few clients, then sole proprietorships are the ideal way to kickstart their initial stages. Sole proprietorships can be incorporated in just fifteen days. Therefore, these are some of the most preferred forms of business for small traders and businessmen in the unsystematic sector.
Sole proprietorship firms have some great advantages and features that make them well suited for initial business setup. Here are the features that make them so enticing:
Sole proprietorships are very easy to form, require minimal documentation.
With a sole proprietorship, the tax compliance and other compliance are at a bare minimum. In most of the cases, the owner's PAN and firm's PAN are the same and one needs to file just ITR-3.
There are no tall dissolution proceedings needed in case of dissolution of a sole proprietorship.
The income of the sole proprietorship and the owner are considered the same. Hence same tax laws and slabs apply, providing a huge tax advantage.
Sole Proprietorship Formation Packages All you need to do for registering a Sole proprietorship is to read and understand the sections below. Provide us with the documents, avail a package, and relax!
All you need to do for registering a Sole proprietorship is to read and understand the sections below. Provide us with the documents, avail a package, and relax!
Save upto 5% cost on this package
(inclusive of all taxes)
Save upto 10% cost on this package
(inclusive of all taxes)
Save upto 15% cost on this package
(inclusive of all taxes)
Here is a simple list of the criterion and documents that one might require to form a sole proprietorship:
Frequently Asked Questions (FAQs) My Legal Clinic believes in answering your questions. We know that as a new business owner you would have certain levels of anxiety and doubts about how the legal business environment works, well don't worry, read our FAQs, they have been put here to answer all the usual questions that you might have about forming a sole proprietorship.
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