Introduction of Sole Proprietorship

A Sole proprietorship is a business which is owned and managed by a single person (Individual). It does not have any direct registration to open and operate this kind of business. It get its identity by the other mode of registration like GST or Udhyog Aadhar (MSME) registration.Hence to open Sole Proprietorship there is need of the very few documents like PAN, Aadhar Card and Business premises evidence. Sole Proprietorship is the one of the widely and popular form of business model in India. But it has few limitations like person has to invest most of capital by himself and it has generally limited market reach. Choose Proprietorship because
  • Minimum legal formalities
  • Modest to Begin
  • Less Expensive
  • Less Legal & Taxation Compliances

Documents Required for the Sole Proprietorship Registration

  1. PAN card copy of the Proprietor.
  2. Aadhar Card Copy/ Any government legal Identity Card.
  3. Business Premises Electricity/Water Bill/Rent agreement.

How to Register a Sole Proprietorship Online

With basic identity documents, you can register your sole proprietorship. We help you register a Sole Proprietorship in 4 simple steps. Step 1:- Fill the form and attach the scan copy of your documents. Step 2:- Our team will verify all the information and documents provided by you. Step 3:- Then we will start the registration process after verifying the authenticity of the documents. Step 4:- Once your proprietorship is incorporated, we will intimate you .
* Government Fees & Other Charges Extra

FAQ’s On Sole Proprietorship

   

Who can start a sole proprietorship?

Any Individual and resident of India can start a sole proprietorship.  

What documents are needed for opening a current account in the name of my sole proprietorship?

MSME Registration, GST Registration, Shop and Establishment Act Registration, CA certificate along with PAN Card, Aadhar card, Identity Proof, and Address proof.  

What is the Tax liability of the Sole Proprietorship?

When a sole proprietor will have a net profit more then basic exemption limit i.e, 2,50,000/- need to fill their income tax return and if turnover more then the exemption limit then require to get GST Registration.  

What is the GST liability for Sole Proprietorship?

When a turnover of the sole proprietorship is more then 40 Lacs or 20 lacs for States & Union Territory or as the case for trading then require to get registration and turnover more then 20 lacs or 10 lacs as the special category state for service provider is require to get registration.  

Will we liable to file GST returns if once get registration?

Yes, no matter what will be your turnover you are require to collect GST on each sale and timely fill your returns.

Why Easymantax?

Easymantax offers the best services to individuals, businesses, organizations across India. We have the best team of business advisors & professionals in India.

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Our team of experienced business advisors are a phone call away and solve your all queries about the process.

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