What is Sole Proprietorship?
A sole proprietorship is simplest form of business in which single person can managed and owned the business. Any small trader and merchant can start a sole proprietorship with in just 15 days. It very popular among the unorganized sector. There is no legal compliances has to follow for registration although service tax and sales tax registration is must for conducting business as sole proprietorship. The owner is inseparable from proprietorship, so he will be liable for all business loss and debts. It does not have a continuous existence.
Advantages of a Proprietorship
Less compliance and formalities
There is minimum regulatory compliances and formalities to be fulfilled can be established with only service tax and vat registration.
Easy to Start and Easy to close
A sole proprietorship can be easily incorporated and can be easily close. For Service tax registration there would be required around 15 working days and for VAT registration around 45 days .The process of registration is very uncomplicated. All you required for registration is providing PAN card and identity proofs and address proofs .
Relatively economical and low cost to operate
As there are minimum compliances to follow as compared to One Person Company, a Sole Proprietorship is very economical and inexpensive as there is no requirement to appoint an auditor although there is unlimited liability of owner.
Sole Proprietorship Registration Process
1 Working Day for various registrations.
Providing you adequate directions and suggestion for making the various registrations as per the requirements such as service tax, sales tax, import/export code, professional tax or Shops and Establishments Act registration. For this purpose we need some documents.
5 Working Days for application filing through vendor
We will provide verified vendor who will help you in filling your application and keep you up-to-date on its status. All our vendors are well-experienced and trustworthy in handling local registrations.
15 Working Days for final completion
For completing all your formalities of registration we will give you our complete support and guidance. Depending on the workload of authorities there could be 15 working days for final completion.