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What is Sole Proprietorship ?
A sole proprietorshi , is the Simplest and Traditional way to own and run a business it is also known as a sole trader-ship, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity. A sole trader does not necessarily work alone and may employ other people.
Advantages of Proprietorship ?
- Single Ownership : The sole Proprietorship business does not have Partners / Promoters like partnership or Company, the Individual owner has all the rights and obligation over firm.
- Easy to Run : As there is Single ownership in the firm means the individual is the sole decision maker, which make it faster for him to take any decision and run business smoothly and easily.
- Easy to Establish : The Proprietorship business requires very less Regitrations Like GST, MSME, FSSAI food license etc. which makes it very easy to establish the firm in a very less time.
- Less Compliance and Taxation : In India the Proprietoship firm need to register in GST, MSME, FSSAI food license, Trade License etc only and not require to register in Ministry of Corporate Affairs, Income tax Law (tax free upto 250000)
- PAN Card for Proprietorship Firm : A Sole proprietorship firm is not a separate legal entity. therefore, there is no any procedure to obtain proprietorship PAN card. The PAN card of the business owner is used for the proprietorship firm.
Registrations for Proprietorship ?
1. Pan Card.
There is no separate Pan card for proprietorship firm the Proprietor (owner) need to use his own pan card for every registration.
1. Pan Card.
There is no separate Pan card for proprietorship firm the Proprietor (owner) need to use his own pan card for every registration.
2. Goods & Services Tax (GST).
It is Mandatory for businesses to register in GST as regular taxable persons if their annual turnover exceeds the threshold limit of Rs. 40 lakhs ( For Goods) or Rs. 20 lakhs ( For Services), or Rs. 10 lakhs, as applicable for some special cases.
For above mentioned businesses it is mandatory to generate the GSTIN. If the company conducts business activities without registering for GST, it is an offence and the business will face severe penalties. Read more
3. MSME / UDYAM Registration.
MSME/Udyam certification is a system for enrolling Micro, Small, and Medium Enterprises (MSMEs), introduced by the Ministry of Micro, Small & Medium Enterprises on 1st of July 2020. Further, the Ministry revises the MSME classification criteria from time to time. Under this system, After successful registration and generation of certificate every Enterprise is allotted with a 16 digit alphanumeric Number (UDYAM-XX-00-0000000). Read more
3. FSSAI Food License.
Food license is a document issued by the Food Safety & Standards Authority of India (FSSAI) to all kind of Food Business Operators (FBO) i.e Food Manufacturers, Traders, Restaurant / Hotel Owners, Kirana / fast food Shops, Pan Masala, Nutritional products, Importers/ Exporters etc.
It is a 14-digit unique license number , which has to be quoted on all food packages, Sign Boards, cash counters and Invoices. The License / Registration number is also required even if food products are not packaged or to be use further as raw material. Read more
Sole proprietorship firm engaged in a business related to food need to register in FSSAI
4. Shop & Establishment
In India every state has it own Shop and Establishment Act to regulates the shops and commercial establishments operating within the state.The shops and commercial establishments must be mandatorily apply for registration under your respective state Act. All establishments and business, including the people working and maintaining a business from home (i.e cloud kitchen, hanadcrafts), must obtain a Shop and Establishment Registration Certificate or Shop License (“Certificate”) under the Act. Read more
5. Income Tax Filling
A partnership firm having a valid pan does not need to register under Income tax law at income tax website and to file their annual Return (ITR-5) irrespective of any basic exemption limit.
6. Bank Current Account
Finoleg.com will help you to choose Best Bank for your Firm’s current account having more features in it.
What you will Get :-
- Best Customer support
- Account analytics and Data
- Cheque in Firm’s Name
- Net Banking, NEFT , RTGS
Bank Overdraft Facility
Document Require for Registration ?
Proprietor’s KYC Docs
- Passport size Photo
- Pan card
- Aadhar Card
- Mobile number
- Email id
Business Details
- Trade Name
- Firm’s Address
- Electricity Bill + Rent Agreement
Business activity
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Testimonials
What Our Clients Say?
Taba Rajen infrastructure development Pvt Ltd
Divinure International
FUTURE FIRST AP LLP
Trikaya Agriculture Pvt Ltd
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