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Proprietorship Concern

A business that legally has no separate existence from its owner. Income and losses are taxed on the individual’s personal income tax return. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity.

Benefits

As a single person is at the helm of affairs, it is easier to operate as the particular person will be the sole decision maker and he need not consider a plethora of opinions. There is no concept of a board meeting or approval from other persons in a proprietorship firm.

Since sole proprietorship are an unregistered form of entity, there is no database maintained by the Government with a list of all proprietorship. Hence, proprietorship firms are more private when compared to a company or LLP whose details are published on the MCA website.

No other business, other than that of a sole proprietorship and one person company, entitles the owner as the sole beneficiary of profits. In all other types of an entity like a partnership, LLP or company, a minimum of atleast two persons are involved.

A sole proprietorship business does not have any specific registration requirements and the proprietor’s legal identity is used by the business. Hence, a proprietorship can be started without any registration. Using the PAN and Aadhaar of the promoter,  Udyog Aadhaar Registration and Trademark Registration can be obtained optionally to create and protect the identity of the business.

Documents Required for Proprietorship Concern Registration

Sole Proprietor Identity Proof (Any one of the following)

  • Pan card in the name of the Proprietor (Mandatory)
  • Passport
  • Voter Identity Card
  • Driving License
  • Aadhaar card issued by Unique Identification Authority of India (UIDAI)
  • Senior Citizen Card issued by State/Central Govt
  • Fisherman Identity card issued by State/Central Government
  • Arms License

Sole Proprietor Address Proof (Any one of the following)

  • Passport
  • Voter Identity Card
  • Driving License
  • Aadhaar card issued by Unique Identification Authority of India (UIDAI)
  • Senior Citizen Card issued by State/Central Govt
  • Fisherman Identity card issued by State/Central Government
  • Arms License
  • Utility bills (Electricity bill,Telephone bill) not older than 3 months
  • Water tax bill along with receipt not older than 6 months
  • Property Tax bill less than one year old along with Tax payment receipts
  • Latest Three months Bank Statement from scheduled commercial bank with account opening cheque/Bank passbook/Original letter from existing banker with account opening cheque
  • Consumer gas connection card/Passbook along with the receipt of gas supply not older than 3 months
  • Registered Lease & Licence Agreement along with utility bill not older than 3 months in the name of the landlord

Procedure


Buy EAdvisors Proprietorship Concern Registration plan


Session with EAdvisors Expert on registration of Proprietorship Concern for detail discussion on nature of business entity, activity and other requirements.


Submit all the documents required for Proprietorship Concern Registration, Preparation and submission of application for Proprietorship Concern Registration with department.


Issuance of Proprietorship Concern Registration certificate by email.

Pricing

We work round-the-clock to ensure the taxpayer’s problem is resolved. Check out the price table below
and choose a plan the most suitable for you.

Free
000

  • Refund of GST credits application
  • Publications and forms, including individual tax return instructions
  • Refund of GST credits application
  • Publications and forms, including individual tax return instructions
  • Refund of GST credits application
  • Publications and forms, including individual tax return instructions
  • Refund of GST credits application
  • Publications and forms, including individual tax return instructions
  • Refund of GST credits application
  • Publications and forms, including individual tax return instructions

Basic
5995
Fuel tax credits registration

Publications and forms, including individual tax return instructions

Premium
9995
Buisness income tax refund

Publications and forms, including individual tax return instructions

What Clients Say

I am very satisfied with your service for GST registration. I have good experience with you.

Accounting was always challenge for us before we met EAdvisors. Now compliance and accounting is smooth for us.

I got my ESI and EPF registration in just 3 days, coordination with customer care is impressive.

FAQ’s

What is a Proprietorship Deed?

No written deed is necessary for the Sole Proprietorship Business as the DEED is required only in cases like Partnership firms & in this case there is only one person involved in whose sole ownership the business will be operated, hence no written deed will be required as the purpose of written deed of partnership firm.

How do I register a Proprietorship Firm?

Registration For Sole Proprietorship Business in India. You don’t need to register your sole proprietorship in India. But in order to receive payments in the name of the business, you need to open a current account in a bank. For this, you will need proof of existence of the firm, and the address proof.

What is Proprietorship Firm India?

Majority of the businesses in India are unregistered with many being operated as a sole proprietorship firm business. A sole proprietorship is one of the easiest and simplest form of business entity to register and maintain in India.

Is GST registration mandatory?

All person who, on the day immediately preceding the appointed day is having a service tax or VAT or central excise license under an existing law is required to be registered under GST. Hence, migration to GST is mandatory for all taxable persons having an existing registration.

How do I start a sole proprietorship?
It is important to consider doing the following once you have established your sole proprietorship:
  1. Open a business bank account. Using your fictitious business name and EIN, you should set up a bank account to keep your business and personal finances separate.
  2. Obtain general liability insurance. …
  3. Report and pay taxes.
What is the difference between one person company and sole proprietorship?

Difference between One Person Company and a sole proprietorship. One Person Company (OPC) a separate legal entity with just one member. Unlike a private limited company which requires minimum 2 shareholders and 2 directors, an OPC can be formed with only one shareholder.

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