Many people prefer doing individual businesses rather than any kind of partnership to keep complete control on all of their business operations.
It can be simply defined as the state or right of owning a business or possessing a respective property individually and such type pf business set-up is known as a ‘Proprietorship Firm.
In this type of business any single person runs the whole business operations and hence, it is also termed as a ‘Sole Proprietorship’ i.e. that single person completely owns the business, manages it and controls several respective operations single-handedly.
Benefits
It is easy to setup Sole Proprietorship businesses as any person can start his or her own business without going through too much of various legal formalities.
Also it takes very nominal cost for the registration purpose.
Here, the Proprietor is a single boss who can take its own decision in any regard without any interference from any other party. He can run any legal business affair under his own name or with a different brand name as per his wish.
As the proprietor is the only owner, he can enjoy the entire profit earned from the business and also owns all the business assets.
Enormous Tax Benefits can be reaped in such type of business as the tax is only applicable to the income of the business. Also the rates of taxes are very low in Sole Proprietorship business s compared to other business structures.
List of Documents Required
If you wish to register your Proprietorship firm, following documents are essential for the registration process, such as –
1. Self-attested copy PAN for all subscribers
2. Self-attested copy of Identity Proof like – Voter Id / Driving License / Passport (Any One)
3. Self-attested copy of Mobile Bill / Telephone Bill / Bank Statement latest 2 Months (Any One).
4. Passport Size Photo
5. Email Id
6. Mobile Number
7. Educational Qualifications
8. DIN if already holding Directorship in any company
9. State where the registered office of the company will be situated
10. Proposed Share Holding Pattern
11. Proposed Share Capital Authorised and Paid Up
12. Copy of Electricity Bill as a Proof of Registered Office of the Company.
Time Period
The Complete Process shall take 7-10 Working Days from the date of the Receipt of all the required documents.
