The sole proprietorship is a simplest form of Business that is operated and running by single owner. there are not multiple people involved legally there isn't necessarily a board of directors this is the easiest type of legal way to initially set up your business especially if you have small working capital whether you are a service provider or trader and manufacture it's very low cost and very easy to do not a great deal of paper work and you are in charge so you are just going it alone you're the only person that's making decisions. all registration formalities of your propritorship business will done by our experts only at 2599, within 7 days.
Session with TaxCaller business experts
Apply for PAN (if PAN not available of proprietor)
Apply for Registration under GST Act and Shop & Establishment Act
1 Month experts help after registration
The sole proprietorship is a form of ownership that is characterized by or having essentially one owner there are not multiple people involved at least as owners there isn't necessarily a board of directors this is the easiest type of business to initially set up at least because it's very low cost and very easy to do not a great deal of paper work and you are in charge so you are just going it alone you're the only person that's making decisions
2. Advantages of Sole Proprietorship Firm?
Low tax rate. The bigest adantage of sole proprietorshp is that the individual rates applicable on proprietorship firm for taxes are much less than the corporate rate. corporate rate roughly is about 40 percent. individual rates obviously.
Easy to start. propritorship business no need mendatory registration. you can start business with registration of msme, gst, shop act, etc
Business Name. you can choose any name under proprietorship firm unless trademark registration is taken.
3. Disadvantages of Sole Proprietorship Firm?
there are some very significant disadvantages that would force really anyone for the most part if you're operating any type of business that has really any sort of liability possible on your part you would probably opt to remove yourself from this form and get something a little more complex might cost you a little bit of money in setting it up but ultimately you're going to protect yourself in the long run.
4. What is Minimum Capital for starting Proprietorship Business?
There is no minimum capital required for stating proprietorship business. you can start your business under proprietorship with any amount you have your hand.
5. TAN is Mandatory for proprietorship firm?
TAN is the tax deduction and collection number needed if you are responsible for withholding tax at source on behalf of the Income Tax Administration. It is also quoted in various funds, returns, etc. Not every proprietory firm is required to obtain a TAN .
6. Is there any guide for choosing proprietorship firm name name?
The company name must not contain any words indicating government approval / support unless the government gives its written consent to use these words as part of the company name. The company name can be reserved by registering the trademark.
7. What is the purpose of the shops and establishments law?
Every Indian state has enacted certain rules and regulations regarding working conditions. The aim is to secure the benefits of uniforms for employees working in various establishments, from shops, commercial establishments, and residential hotels to restaurants, theaters and other places of public entertainment.
8. When is it necessary to obtain a license for the shops and establishments law?
Every store and facility needs to be compulsorily registered under this law within 30 days of starting business. Since this is a primary license, many other licenses require it as proof of business. For example, most banks will require you to submit it if you want to open a checking account.
9. What records must be kept under the Commercial and Establishment Law?
every company is required to seek approval from the Ministry of Labor and keep up-to-date records regarding employment details, fines, deductions, advances, salaries and vacations. Requirements may vary from state to state. The files regarding annual leave and number of employees must be submitted to the municipal corporation office annually.
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