A Sole Proprietorship is a form of business organization where a single person manages the business. It usually does not require any such registration and any person who wishes to incorporate or start a business with low investment can opt for this type of business form.
The proprietor/owner of the business has full control over the business and anyone who wishes to start a small business from home or with a minimum investment could opt for this type of business. The losses and profits are all borne/enjoyed by the sole proprietor alone since the proprietor controls and manages the business himself. He may appoint persons for running the business as well, but the owner shall always remain with him alone. A sole proprietorship can be started within just 5-7 working days with our professional guidance at IPLF.
The process is fairly simple at IPLF, you can submit the documents to us through email and you are not required to come physically but you can always come to our office if you would like to.
Once we receive your request, our experts will get in touch with you in no time and expedite the process and require certain documents from you as mentioned underneath-
- A PAN card is required by the applicant and if he/she does not have a PAN card, then applying for one is a must.
- The next step is to give a suitable name to your sole proprietorship business.
- Step 3 is to open a bank account in the name is the business, all transactions pertaining to the business will be through this bank account.
- Basic registrations-
- Obtain the Registration Certificate under the “Shops and Establishment Act” if the state in which business is located.
- Register for GST in case the proprietorship’s turnover is more than Rs. 20 lakh.
- Also have an option to register under the Small and Medium Enterprises (SME) under MSME Act, though this is not mandatory but recommended by us since it has its own benefits.
- Aadhar Card
- PAN Card
- Registered Office proof/ Name and address of business
- Bank Account
- Registration under GST if business turnover is more than Rs.20 Lakh