This package comprises of Proprietorship Registration along with TAN Registration, MSME under Udyog Aadhaar, ICFO Compliance Tracking and LEDGERS Accounting Software.
A Proprietorship / Sole Proprietorship is a business entity that is owned and managed by an individual. This is one of the most prevalent forms of business as it is simple to start and requires minimal regulatory compliance to operate. Hence, it is extensively used by Micro and Small Businesses amongst the unorganized sector. Proprietorship registration would be in the name of the proprietor thus, making the proprietor accountable for all the liabilities of the entity. It is essential for Proprietorships to comply with business and tax registrations that are generally required by business entities.
India eSeva offers a wide range of services on Company Incorporation including Private Limited Company Registration, One Person Company Registration, Section 8 Company Registration and more. Complete legal, procedural, consulting and managerial services are provided to meet your particular incorporation needs and help manage your business better.
The following are the advantages to register as a Proprietorship.
Proprietorship requires the least in terms of documentation for registration and hence, is the easiest to incorporate. However, to open a bank account or to obtain a payment gateway for your business, you would require business registrations such as GST and Service Tax.
A Proprietorship is the type of business entity that can be registered as well as operated by a single individual.
With a single individual being a sole decision maker and at the helm of all the entity’s activities, it is simpler to function as a Proprietorship. The added advantage of Proprietorship comes from the absence of a board meeting or the approval from any other individual.
Unlike any other business entity, Proprietorship / Sole Proprietorship entitles the owner as the sole beneficiary of any profit generated.
Only Proprietorships with less than INR 3 Lakhs as annual income are not required by law to pay any income tax.
As per the law, the Proprietor and the Proprietorship are considered to be the same. Therefore, there are no formalities while shutting down a Proprietorship. Generally, a simple cancellation of the tax registrations obtained in the Proprietor’s name will do the deed.
The following documents are required for registering as a Proprietorship.
The following is the procedure for registering a Sole Proprietorship in India.
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