A business owned and governed by one person is called a sole proprietorship company. This type of business can be started in 15 days and hence makes it one of the most popular kinds of business to begin in the unsystematic sector, specifically among merchants and small traders. For a sole proprietorship business, registrations are not required because they are identified by alternate registrations such as GST registrations. However, it has unlimited liability and it also doesn’t have a continuous presence.
Sole Proprietorships have minimum compliance because this firm is identified by the government and tax registrations. Therefore, the degree of its agreement is only confined to the yearly filing of the service, sales or professional taxes.
Any sole proprietorship is simple to begin. One needs to simply have a GST Registration in place. Hence, the procedure is not complicated. Therefore, the sole proprietorship business can be set up in 15 days with the help of a PAN card for identity and proof of address.
With comparison to an OPC or One Person Company, a Sole Proprietorship is more economical due to its minimum compliance requisites. Even in the long-term perspective, it is still inexpensive. It works out much cheaper because one would not need to hire an auditor. One of the main reasons why small merchants and traders choose it.
Our experts give your professional guidance on the many processes involved in registering your business as a sole proprietorship, whether its service tax, sales tax, import/export code, professional tax or Shops and Establishments Act registration.
You will be put in touch with an established vendor, by our expert team, who will book your application and also keep you in the loop on its status and progress. All the vendors we have onboard are very skilful and well-accomplished in managing native registrations.