Most businesses in India start individually without other’s participation. An individual carrying out business activities is the sole proprietor and its business entity is said to be a Proprietorship Firm. The identity of an individual and the business are not different from each other. But due to the lower tax rate, flexibility and multiple advantages people prefer this structure for the early stage of business.
With the inclusion of partners, the control over operation reduces. Hence, these proprietors choose to run the business single-handedly and land upon sole proprietorship firm registration. Although there is no specific Act to regulate this organization, there are many ways to register a Sole Proprietorship firm. Small businesses aiming to take lower risks prefer this structure.
Advantages of Proprietorship Firm:
- Tax benefits
- Easy to establish
- You’re your own boss
- You own whole share of profits
We at Wise Tax Filings make it easy and inexpensive to establish your proprietorship firm. With expert support along with timely and accurate filings, we have made it hassle free for you to get started.
Documents Required for Proprietorship Firm:
PAN Card
A self-attested copy of PAN Card of proprietor.
Aadhar Card
Self- attested copy of Aadhar Card of proprietor.
Bank Details
Details of the saving or current account of bank.
How to choose a name:
Check for unique sole proprietorship name that helps recognising the proprietorship firm distinctly and build brand value.
Unique Name
A part of business name should suggest the business activity so that consumers can easily relate business with its offerings.
Business Object
Register your firm in 3 easy steps:
1. Answer quick questions
Pick a package that best fits your requirements. It takes less than 5 minutes to fill our questionnaire. Provide basic details & documents required for registration along with making payment.
2. Experts will be there to help
A relationship manager will be assigned to assist you for reconciliation of the information.
3. Your business is registered.
It only takes 4 working days!
Day 1
- Business registration consulting
- Collection of basic information
- Provide Required Documents
Day 2 – 3
- Preparation of online application
- Online Sole Proprietorship registration
- Application for allotment of TAN
Day 4
- Dispatch of Firm seal and other materials if subscribed.
Frequently Asked Questions:
Does the proprietor have to be an Indian to start a Proprietorship firm?
The Proprietor must be an Indian citizen and a Resident of India. There is no approval required prior to the commencement of business. But, Non-Resident Indians (NRI) and Persons of Indian Origin can invest or start sole their proprietorship business only with prior approval of the Government of India.
What is the minimum amount of capital required to register sole proprietorship online?
One can start a Sole Proprietorship Firm with any amount of Capital. An amount sufficient to commence the business should be introduced. As there is no restriction on infusion or withdrawal of amount, the proprietor can change capital anytime. Introducing the capital in Business is the sole decision of an owner of the firm i.e. the Proprietor.
Under which Government Authority is the application of Sole Proprietorship Firm Registration is submitted?
Sole Proprietorship is an unorganized business structure and there is no specific law enforced for the said registration. LegalWiz.in provides services for Sole Proprietorship registration under MSME (Micro, Small and Medium Establishments) Development Act, 2006 of Central Government. The business entity must fulfill the registration requirement.
More Questions? Our Experts are here to help, fill out the form on this page or
Call us at: 1800 123 0000 or Email us: hello@wisetaxfilings.com