Create Sole Proprietorship
Great option for the individual entrepreneurs to start their business easily & quickly.
Create Sole Proprietorship
Sole Proprietorship can be created for just ₹1,490/- Only (Inclusive of taxes)
A sole proprietorship is a type of business entity that is possessed and run by an individual. The individual known as the proprietor looks after all the business activities. Easy to set up is the most important ingredient of this form of Business. There is not any specific type of registration for a proprietorship. Proprietorships are recognised by other registrations, such as a GST registration, Udyog Aadhaar Registration. As one would think of this type of business is so easy to set up, though, its shortcomings are severe such as unlimited liability, no separate legal entity, non-transferability. Therefore, proprietorship firms are fit for businesses that will stay little and have a restricted time of presence.
Note Down The Documents Required To Create Sole Proprietorship
- PAN Card of the Proprietor (if available)
- Aadhaar Card/Voter’s ID/Driving License/Passport
- Latest Bank Statement/Telephone or Mobile Bill/Electricity Bill or Gas Bill
- Notarised Rental Agreement in case of rented property or Sale/Property Deed in case of own property
- No-objection certificate from Land Owner in case of rented property
Features of Sole Proprietorship
Easy to Start
A Sole Proprietorship is very economical and easy to setup.
There is no Business Continuity in Sole Proprietorship.
Liability of Members
Liability of Members is unlimited.
Documentation and Compliances
There are lesser compliances for the Sole Proprietorship as compare to other forms of Business.
Separate Legal Entity
A Sole Proprietorship does not have any separate legal entity.
FAQs to Create Sole Proprietorship
Any Indian resident with a current account of their business can begin a sole proprietorship. Registration could conceivably be required, contingent upon what business you are wanting to build up.
A sole proprietorship doesn’t require more than 15 days to set up and get running, that makes it more popular among entrepreneurs.
Most nearby organizations are run as sole ownership, from your supermarket to a food seller, and even little brokers and producers.
You can always choose to do so. The procedure is a little tedious, but it is possible. It is very common for sole proprietors to convert into partnerships and private limited companies at a later stage.
No, you can register on your residential property also, whether it’s a rented or own property. You need just utility bills copy with permission from your landlord or owner of the premises.
Yes, you can keep any name of the Firm. If it is not related to the any Trademark, Private Limited Company, LLP or OPC etc. you have to keep name without any extension.
Yes, you can register your firm on your family member name. It requires the same docs which mentioned above.
TaxRodo provides the virtual services, which means there is no compulsion for you to be present at our office physically. A scanned copy of documents can be uploaded or sent via mail, and we will handle the rest.
No, to register a private limited company minimum 2 members are required. But if you want to register a company with single person then you have to choose One Person Company.