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Sole Proprietorship

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    Sole Proprietorship

    A sole proprietorship is a corporation held, run and operated by one individual only. A proprietorship started with any amount of minimum capital.

    Sole Proprietorship

    A sole proprietorship, also recognized as the single ownership business or merely a proprietorship, is a form of business company held and controlled by one person. A sole proprietorship is a corporation held, run and operated by one individual only. A proprietorship started with any amount of minimum capital. A proprietorship must be individual citizens & resident of india . A proprietorship firm do not have certificate of incorporation.

     

    This is one of unorganised sector where business is not regarded as legal structure. There is no specific law for starting a sole proprietor business but generally we provide business with some other basic registration according to the types of business like Shop and Establishment registration, GST, MSME, Food license.

    Lawgical Guru can help startup a Proprietorship in 3 to 5 days, subject to Government processing time. Since the proprietorship is itself not distinguishable from its owner hence there is no registration or approval is required to start a proprietorship business. Therefore, our Company Counsellors can guide you about how many government approvals will create the identification of the Proprietorship company.

    Documents Required For Sole Proprietorship

    • 1- Aadhar/Voter Card of Proprietor
    • 2- Electricity Bill of Place of Business
    • 3- Pan Card of Proprietor

    Annual compliances under proprietorship firm

    • File Income tax return
    • TDS return filing
    • GST returns
    • Finalize financial statements

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