Sole Proprietorship firm is the simplest form of business entity in India which is owned and managed by a single person. It is the easiest way of registering and starting a business.
Registering a proprietorship involves establishing a business owned and operated by a single individual. The process typically begins with choosing a unique business name that reflects the owner's brand and vision. After verifying the name's availability, the proprietor must gather necessary documents, including proof of identity, address, and any industry-specific permits or licenses. Registration with local authorities, such as the county clerk's office or city hall, is then necessary to formalize the business's existence.
Additionally, obtaining relevant business licenses and permits ensures compliance with local regulations. Tax registration is crucial, often requiring the acquisition of an Employer Identification Number (EIN) or similar identification for tax purposes. Opening a separate business bank account facilitates financial management and tax filing, separating personal and business finances. Understanding legal obligations, such as tax reporting and compliance, is vital for ongoing operations. Finally, maintaining meticulous records of business transactions is essential for financial management, tax compliance, and informed decision-making. Seeking professional guidance from legal or financial experts can help navigate the intricacies of proprietorship registration and ensure adherence to all relevant laws and regulations.
Tax registration is crucial, often requiring the acquisition of an Employer Identification Number (EIN) or similar identification for tax purposes. Opening a separate business bank account facilitates financial management and tax filing, separating personal and business finances. Understanding legal obligations, such as tax reporting and compliance, is vital for ongoing operations. Finally, maintaining meticulous records of business transactions is essential for financial management, tax compliance, and informed decision-making.
Let’s take a closer look at the benefits of Private Limited Company registration in India:
1. GST Registration
2. MSME Registration
3. Shop and Establishment Act License
Depending upon the requirement of the business and GST Law, application for GST registration has to be made with the department. GST registration usually takes around 5-10 working days.
To establish the existence of your proprietorship firm and avail various benefits, you’ll have to file an application for registering your firm as Small and Medium Enterprise (SME) under the MSME Act. It is beneficial for the business at the time of taking out a loan. The government runs various schemes for SMEs to provide loans at low-interest rates.
You are required to obtain a shop and establishment license according to the local laws. It is issued by the municipal corporation on the basis of the number of employees or workers in the firm.
Once all the steps are completed, the current bank account should be opened by the proprietorship firm. You can contact us for assistance with your current bank account opening.
The process of registering your business as a sole proprietorship firm is not much complicated. Our experts at Professional Utilities can make the whole registration process hassle-free for you. Register your firm online in 3 easy steps:
Step 1:
Get in touch via call or
contact form
Step 2:
Provide necessary documents
Step 3:
Get your incorporation registered in 7-10 working days
1. Copy of Aadhar Card
2. Copy of PAN Card
3. Address proof of office
Post incorporation of your sole proprietorship firm, you’ll receive the following documents:
The total fees for registration of Sole Proprietorship Firm in India is ₹1,999 including government and professional fees. The main cost is mandatory registrations for existence of proprietorship firm like GST registration, MSME registration, etc.
On average, it takes around 7-10 working days for registration of sole proprietorship firm in India subject to document verification by the concerned authorities.
At Liquetax, we leverage our industry knowledge and expertise to help businesses navigate complex regulations, minimize risks, and optimize operations for maximum efficiency and profitability.
You can easily register your private limited company by arranging all the required documents and fulfilling the requirements as per the Companies Act, 2013.
In order to register your private limited company in
India, you need
to provide identity and address proof of all the members along with
address
proof of the registered office.
Note: You don’t need a
commercial
place for registration, you can use your residential home address
for
incorporation.
No, GST is not mandatory for private limited companies.
There is no minimum capital requirement for private limited company registration. One can start a company with a share capital of as low as ₹10.
LLP and Pvt Ltd Company both have their own pros and cons. It completely depends upon the requirement of the business.
Yes. A Limited Liability Partnership can be converted into a private limited company easily. To read more, refer to this page on LLP registration.
Speak Directly to our Expert
Reliable
Affordable
Assured
Liquetax, Private Limited SF-193, Second Floor Gaur City Centre,
Gautam
Buddha Nagar, Greater Noida, UP India, 201009
Reliable
Affordable
Assurity
They've been very helpful in our registration with ICEGATE. It was a small thing with a small amount paid which somehow escalated to a very painful procedure. Never did they say "You've only paid so much. It's too much effort for us.".
