What is a sole proprietorship Registration?
Sole proprietorship Registration is a process in which you can begin and work the Business with the least administrative consistence. Be that as it may, there is no undeniable method for enrolling your Proprietorship by the Indian Government. Tax Registration and other business enrollments are the correct methods for showing the presence of your exclusive Business. Following enlistments can be utilized to show the presence of your restrictive Business
Profession Tax Enlistment.
GST Enrollment.
Shop and Foundation Enrollment.
What are the features of Sole Proprietorship?
Some of the features of Sole Proprietorship Registration Are:
Simple to Start
Easy Compliance
Easy Dissolution
Lower Tax Rate
What all Documents are Required for Sole Proprietorship Registration?
Some of the Documents Required for Sole Proprietorship Registration are:
Aadhaar card
PAN card
Bank Account
Registered office proof (Rent agreement for a rented property or Electricity or utility bill for the self-owned property.
What is the Process of Sole proprietorship Registration in India?
Process of Sole proprietorship Registration In India are:
MSME Registration: MSME (Micro Small and Medium Enterprises) or the Udyog Aadhaar enrollment can be procured for the sake of the business to lay out that the concerned Sole Ownership firm is enlisted under the Ministry of Micro, Small, and Medium Enterprises.
TAN Registration: TAN (Tax Deduction Account Number) Enlistment ought to be acquired for the concerned owner from the IT division. Nonetheless, the said owner is expected to get TAN Enlistment provided that the person is making pay installments in which TDS (Tax Deducted at Source) allowance is required.
GST Registration: GST (Goods and Service Tax) enrollment ought to be acquired by the Owner, assuming the person in question is selling labor and products that surpass the recommended edge of GST turnover for enlistment. Further, in the greater part of the states, GST enlistment is required for those specialist co-ops who are having a yearly turnover of more than Rs 20 lakhs, and on account of merchants, the yearly turnover should be more than Rs 40 lakhs.
Import and Export Code: An Import Export Code (IEC) can be gained from the DGFT (Director General of Foreign Trade) for the sake of the business. Nonetheless, the equivalent is conceivable just on the off chance that the said Ownership firm is managing the product and import of merchandise into India.
FSSAI Registration: FSSAI Enlistment is required exclusively for the situation where the ownership firm is associated with the matter of selling food items or in the treatment of food items. Further, an FSSAI permit enlistment is acquired for the sake of the Owner from the FSSAI (Food Safety and Standard Authority of India).
What are the Reasons to choose Sole Proprietorship Firm Registration?
Reasons to choose Sole Proprietorship Firm Registration are:
Provides flexibility in carrying out the business activities
One of the oldest, most straightforward, and most accessible forms of business models
Single hand control
Easy to start and close
Hassle-free business structures, that, too, with very few compliances.
Self-Accountability
The owner of the Sole Proprietorship Firm is considered to own the boss. This means he is not answerable and accountable to any shareholder and director
Decision-Making power
The Sole Owner is not required to share income and profits generated with anyone
No chance of any dispute between the partners or directors or shareholders.
Read our other Blog also to know more about Sole proprietorship Registration in India
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