6000+ Startups and MSMEs Served
100% Satisfaction Guarantee Policy
What is Sole Proprietorship Firm?
Benefits of Sole Proprietorship Firm Registration
You Are Your Own Boss
In a sole proprietorship, the proprietor has all the rights to decide what to do and how to operate. A proprietor neither needs to report someone nor take orders from anyone else. There is no interference from a third party. Unlike a corporate firm, there are minimal compliances or disclosure requirements during the whole financial year. Hence, Government interference is also very less.
You Own Whole Share Of Profit
The proprietor is only owner of the business and therefore he owns the whole share of the business profit. Also, the business assets are treated as assets of the proprietor and vice-versa. He can decide when to withdraw profit or to reserve.
Easy To Establish
It is relatively easy to establish and register the sole proprietorship business. There is no specific process to be followed to setup this business. Also the cost of sole proprietorship registration is very less compared to any other business structure. The business runs on the identity of the proprietor himself. He can run any legal business in his own name or with a different legal name as brand.
Tax Benefits
Proprietorship business is not treated separately in for income tax purpose. The tax slab as specified for an individual’s income is only applicable to the income of the business. The rates of tax are lower compared to other business structure like company and partnership. The benefit of deductions is an added advantage with combined ITR for individual and the business.
Documents required for registration of Proprietorship Firm
PAN Card
A self-attested copy of PAN Card of proprietor
Aadhar Card
Self- attested copy of Aadhar Card of proprietor.
Bank Details
Details of the saving or current account of bank
We appreciate feedback from our customers
