JR Compliance- an award winning compliance service provider is equipped with experts and necessary resources to assist you complete the sole proprietorship registration.
Contact us immediately for sole proprietorship firm registration.
A sole proprietorship firm is a business owned and controlled by a person/sole trader/proprietor. It is the most common type of business commenced by small/ individual merchants and traders.
Commencing the sole proprietorship firm is effortless because you must fulfill a few compliance requirements to conduct its operations. Thus, it is the most appropriate form of business for small businesses with a few clients.
Moreover, business structure as a sole proprietorship includes individual freelancers, growing startups, creatives, and settled businesses comprising physical storefronts/workplaces.
As the name implies, it is a single-person registration of the firm. Its primary aim is to commence a business immediately because it does not require to fulfil any special approval or requirements and perform activities with some compliance and less costing.
Let's start with basic different between companies for better understanding of how a sole proprietorship is different from other forms of business -
To recapitulate, sole proprietorship registration could be perplexed as it involves acquiring several documents. With that, you need to ensure appropriate documentation, as, without this, your application for the sole proprietorship registration for MSME or GST registration could be rejected.
Thus, to make the registration process easy, contact JR Compliance- we guarantee to provide you the most appropriate consultants in obtaining sole proprietorship registration while keeping your convenience insight.
A sole proprietorship firm can be registered mainly under different forms:
A proprietor with a shop needs to do this registration. Registration under this act defines a shop as a premises,
To be noted, it does not comprise a factory, commercial establishment, theatre, etc.
If you satisfy the criteria mentioned earlier, you can register your shop under the Shop and Establishment Act by applying to the local Municipal Corporation of the city.
2. Registration Under GST Registration
You need to register your firm under GST registration if you are engaged in providing of goods and services.
To be noted, GST registration has replaced the VAT and Service Tax Registration.
Though, GST registration is the most acceptable way to register your business. However, after registration, you are obligated to meet the requirements. For instance, a sole proprietorship registered under GST registration needs to collect the tax from the customers mandatorily.
3. Registration Through Udyog Aadhar Under Ministry of MSME
Under this registration process, the Ministry of MSME provides a unique identification number to the business. This registration process has replaced the former EM-I and EM-II.
Registration through Udyog Aadhar allows the availability of loans at low interest rates, including submission of less money deposition for government projects.
Additionally, understanding which type of registration would be better for a business could be tedious and perplexing for an individual as it is not restricted to registration under MSME, Shop and Establishment Act, and GST registration, but it includes other forms too, such as registration under PF (Provident Fund), IEC registration, and other applicable registration on a sole proprietorship. Moreover, the requirement of documents could differ depending on the registration form type.
Therefore, to resolve all your concerns, we have sole proprietorship registration experts who will assist you throughout the process to avoid every inaccuracy. Thus, we ensure to provide you high standard services by guaranteeing the utmost convenience of our clients.
To recapitulate, sole proprietorship registration could be perplexing as it involves acquiring several documents, understanding which type of registration would be better for a business, etc. With that, you need to ensure appropriate documentation, as, without this, your application for the sole proprietorship registration could be rejected.
Consequently, to resolve all your concerns, we have sole proprietorship registration experts who will assist you throughout the process to avoid every inaccuracy. Thus, we ensure to provide you high standard services by guaranteeing the utmost convenience of our clients.
For our excellent services contact us immediately.
No, however, it is advised to register a sole proprietor firm because it provides you legal benefits such as ease of opening a bank account in the firm’s name and provide your business with a separate identity similar to a Partnership or Company.
Yes, a sole proprietor needs to be an Indian resident and Indian citizen. However, non-Indian residents could invest in a sole proprietorship after acquiring consent from the government of India.
You can begin the sole proprietorship firm with any amount of capital.
An Indian citizen and Indian resident can be the sole proprietor.
No, a sole proprietorship firm does not have a certificate of incorporation.
The sole proprietorship firm business can not be transferred. However, the assets/ business of the sole proprietorship can be transferred through a sale.
The Proprietor and PAN card of the Proprietorship firm is the same. Thus, the sole proprietorship firm does not have a separate legal entity.
Sole proprietorship and One Person Company are two different forms of ownership. In a sole proprietorship, a business is managed and controlled by a person. However, in case of an OPC, an individual can commence the operation as per rules and regulations of laws. Moreover, an OPC is registered under Registrar of Company.
All to whom it may concern, JR Compliance is not liable for any direct, indirect, incidental, special, or consequential damages from the use of any information contained on our website, or from any action/ decision taken as a result of using the site.
The information provided on this website is with the sole intention to give information, not a professional opinion. Moreover, our website might include copyrighted material that may or may not have been specifically authorized by the owner, however, used for the purpose of providing information. That constitutes a “fair means” under Section 52 of the Copyright Act, 1957.
K8, Sector 3, Bawana Industrial Area, Delhi - 110039 (India)
Intellectual Property - Unless otherwise stipulated, this site is our proprietary intellectual property. All the graphics, media, editorial content, and website design (altogether, “content”) used are the intellectual property of JR Compliance which are protected by Trademark, Copyright, and other applicable intellectual property laws.
Any content or mark might be copied, reproduced, republished, and displayed publicly for any profit-oriented purpose whatsoever, require our prior written permission, otherwise, an offender may have to face legal consequences.
Ask any questions you have. Our Experts would love to help you.