Proprietorship

 

Sole Proprietorship, also known as the sole trader, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. It is one of the most popular kinds of business to begin in the unsystematic sector, specifically among merchants and small traders. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts.

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Basic Plan Includes

• Digital Signature Token for 2
• DIN for 2 Directors
• AOA, MOA
• MCA fees for Incorporation
• Company Name Approval
• Incorporation Certificate
• Company PAN Card
• Company TAN/TDS Number
• Company Round Stamp
• Hard Copy of Share Certificate
• Directors Round Stamp for 2
• Bank Account Documents

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Basic Package Includes = • Digital Signature Token for 2 • DIN for 2 Directors • AOA, MOA • MCA fees for Incorporation • Company Name Approval • Incorporation Certificate • Company PAN Card • Company TAN/TDS Number • Company Round Stamp • Hard Copy of Share Certificate • Directors Round Stamp for 2 • Bank Account Documents

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advantages

Direct
Control

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Owners have complete and direct control over all decision making. Because the owner is the business, the owner makes all decisions for the business rather than sharing power with a partner or corporate board. This allows owners the freedom to drive the business in the direction they desire.

Simple to
Register

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Beginning a sole proprietorship is easy. Unlike other business structures, starting a sole proprietorship requires less paperwork and time to create a legal sole proprietorship.

Low
Cost

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It is cheap to start a sole proprietorship. Where other business structures have increased fees and filings to open for business, sole proprietorships tend to be affordable models to start and maintain.

Income Tax
Benefits

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There are some tax benefits for a sole proprietorship. Instead of the business having to file its own tax return, sole proprietors claim businesses gains and losses on their own individual tax return. Also, the sole proprietorship is taxed using individual income tax rates rather than corporate making it simpler and cheaper to comply with your tax obligations.

limitations

Difficult to
Raise Capital

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Initial funds of the business are generated by the owner and raising funds for the business can be hard since they cannot issue stocks or other investment income. Loans may also be difficult if the owner does not have enough credit to secure additional money.

Unlimited
Liability

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A shareholder of a private limited company typically must seek the approval of the company’s directors before selling or transferring his shares to a new owner, or offer them to existing shareholders.

Limited
Life

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Business comes to an end with the death or departure of the owner. Because the owner and the sole proprietorship are one, if the owner dies or becomes incapacitated then the business dies with them and the money and assets of the business become part of the individual’s estate. The assets and money are subjected to inheritance taxes and can have a great impact on employees of the sole proprietorship.

FAQ's

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Can an NRI start a business under sole proprietorship?
No, this option of starting a business is limited to Indians only but the NRIs could invest in any business.
How is a sole proprietorship different from other company structures?
You’ve probably heard of limited liability corporations (LLCs), limited liability partnerships (LLPs) and corporations. Sole proprietorships are business just like these companies, but they vary in a few key ways:
• Sole proprietors are the cheapest business type when it comes to operational and other costs.
• Sole proprietorships are the least complex of the legally recognized business structures.
• Sole proprietorships are exempt from mandatory state registration laws.
• Sole proprietorships don’t require formal paperwork.
• Sole proprietorships don’t shield individuals from business-related debts or liability.
• Sole proprietorships don’t require a tax filing separate from personal income. Naturally, there are many differences between sole proprietorships and corporations, but these are some of the most noticeable hallmarks of them.
How much capital is required to start a business under sole proprietorship?
Just like the case of a private organization, there is no rule regarding this requirement of capital to operate a business as a sole proprietor.
Is NOC required to conduct business?
In the case of rented or a leased out property, there is a need for No Objection Certificate to conduct such business.
Who can start a sole proprietorship?
Any Indian citizen with a current account in the name of their business can start a sole proprietorship. Registration may or may not be required, depending on what business you are planning to establish. However, to open a current account, banks typically require a Shops & Establishments Registration.
Is there any guideline on choosing name for the Sole Proprietorship firm?
The name of the firm should not contain any words which indicate the approval/support of the government unless the government has given its written consent for the use of such words as part of the firm’s name. The name of the firm can be reserved by getting trademark registration.
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