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What is individual sole proprietorship?

A sole proprietorship is a business that is owned and managed by a single person. You could have one up and running within 15 days, which makes it very popular among the unorganised sector, particularly small traders and merchants. There is no such thing as registration; proprietorships are recognised by other registrations, such as a service tax registration or sales tax registration. As you would imagine with a business that’s so easy to set up, though, its shortcomings are severe: the liability of the proprietor is unlimited and it does not have a continuous existence, separate legal entity, independent existence, transferability, etc., which are desirable features for any business. Therefore, proprietorship's are suited for unorganized, small businesses that will have a limited existence. At Venture-Care, we can help you establish an identity for your Proprietorship by obtaining the relevant registrations.

Proprietorship Registration Agencies In India

Why is it good to have a sole proprietorship?


MINIMAL COMPLIANCE

Sole Proprietorships are only recognised via their government and tax registrations, so the extent of their compliance is limited to the annual filing of their service, professional or sales taxes.

EASY TO START

A sole proprietorship could take 15 days to start if all you need is a Service Tax Registration, but this would stretch to even 45 days if you need Sales Tax Registration. Either way, the process is uncomplicated. PAN card and identity and address proofs are enough to get them done.

RELATIVELY INEXPENSIVE

A Sole Proprietorship is inexpensive as compared to a One Person Company (OPC) and, thanks to the minimal compliance requirements, is inexpensive even over the long-term. You would not need to hire an auditor, for example. This is why, despite its severe shortcoming (unlimited liability), small merchants and traders opt for it.

BUSINESS NAME

Since the name of a Proprietorship is not registered, a Proprietorship can choose to have any name as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.

TAXATION

A Proprietorship with less than Rs. 2 lakhs of income is not required to pay any income tax, as Proprietorships are taxed as the individual owing the business. However, once, income of the business exceeds Rs. 10 lakhs per annum, there are no major advantages for a Proprietorship in terms of taxation.

LIMITED LIABILITY

Limited Liability means the status of being legally responsible only to a limited amount for debts of a company. Unlike proprietorships and partnerships, in a limited liability company the liability of the members in respect of the company's debts is limited.

SIMPLE & TRANSPARENT PRICING

"If you are not satisfied for any reason, we will refund your money minus the Government fees. No questions asked"


Business Package

✓ Proprietorship registration with TAN registration
✓ MSME under Udyog Aadhaar
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Executive Package

✓ Proprietorship registration with TAN registration
✓ MSME under Udyog Aadhaar
✓ Service tax registration
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Premium Package

✓ Proprietorship registration with TAN registration
✓ MSME under Udyog Aadhaar
✓ Service tax registration
✓ Trademark registration
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How to register a sole proprietorship?

Proprietorship Start-up

Venture-Care can help start-up a Proprietorship in 7 to 14 days, subject to Government processing time.

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Start-up Consultation

Proprietorships do not have a process of incorporation. Therefore, our Business Advisors will advice you on the way the identity of the Proprietorship business can be established through other Government registrations.

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Service Tax Registration

The identity of a Proprietorship can be established through Service Tax Registration (if applicable) mentioning the business name. Service tax registration takes 10 to 15 days, subject to Government processing time.

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MSME Registration

The identity of a Proprietorship can be established by MSME Registration (if applicable) mentioning the business name. MSME Registration can be completed in 10 to 15 days, subject to Government processing time.

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What are the documents required for proprietorship?

"Scanned Copy of the Following Documents has to be Provided by the Promoters of the Company"


  • PAN card copy with Self-attestation.
  • Latest passport size photo in jpg.
  • Copy of No Objection Certificate(NOC) from the owner of the property.
  • If owned property, a copy of Sale Deed and Electricity bill is sufficient.
  • Voter Id copy or Passport copy or Aadhar card copy or Driving license copy with self attestation.
  • Copy of Electricity bill or Property Tax receipt or Water Tax receipt not older than two months.
  • Utility bill has to be provided of the particular country where the NRI or Foreign national resides and it should be notarized.
  • Latest Bank account statement or Mobile /Telephone bill or Electricity Bill (not older than two months)- no need for self attestation.
  • For the registered office proof of the company, if the property is rented/ leased, then copy or rental agreement or lease agreement.
  • In case of NRI or Foreign national, Passport copy has to be notarized at the Indian Embassy of the particular country.

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