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Best Sole Proprietor Registration Service Provider In New Delhi

 

Get Your Sole Proprietor Registered By Experts With An All Inclusive Prices.

  • Business Activity Discussion
  • Proprietorship Name Finalization
  • GST & MSME Registration Certificate
  • Annual Tax Returns
  • Accounting And Business Planning

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Sole Proprietor Registration

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Starting a business under Sole Proprietor is easy and convenient. A Sole Proprietor is neither a company nor a corporation. The business is owned by an individual. The Sole Proprietor firm registration is done with a motive to open a current bank under the name of a small business.

When an individual who owns any products or services establish themselves as the sole proprietor when they starts selling it. Many entrepreneurs are running and selling their product under Sole Proprietor.

The income is basically reported as the business income or losses by the owner in his/her individual income tax return.

What is Sole Proprietor Registration Online?

Sole Proprietor registration online is completely a digital process and hence you can register your business without leaving from home or office. Generally, a person desirous to establish and profess the business as a Sole Proprietor firm requires starting with certain basic requirements such as one need to have a Current Bank Account on the Name of Business to support the ease of doing business.

Starting a business as a Sole Proprietor firm is easy in India with less compliance and less costing.

Sole Proprietor registration is required for the individual owned business and India is toward ease of doing business, hence it is suggested to obtain the given below registrations to make his business function smoothly and legally. You can select any of registration from the below:

  1. Shop and Establishment Registration under the laws of the respective states
  2. Registering as SME
  3. GST Registration

What are the Features of a Sole Proprietor Firm Registration?

  • No sharing of Profit and Loss

All the income or loss or any such revenue generated from the Sole Proprietor firm business belongs to the sole proprietor only, no sharing of the business profits and losses is followed.

  • Individual’s capital

To start the business or to continue operations the capital invested is of that of sole proprietor only, which can be either from his personal resources or by borrowing.

  • Single Ownership

A single person owns the entire business and all the assets and property belongs to the proprietor, there is no separation between the two. All the risk associated with the enterprise is that of the owner

  • Unlimited Liability

The biggest disadvantage is an unlimited liability. In the event of loss, even the personal assets of the proprietor can be attached.

  • Less Legal Formalities

This form of business offers ease of commencing, operating and closure of business.

  • Single Control

Central control is maintained by only one person. A single person is in charge of all the activities.

  • No legal distinction between the proprietor and business:

The sole proprietor uses his own skills, intelligence and expertise to operate the business.

Requirements after Sole Proprietor Firm Registration

  1. Comply GST Registration rule for Proprietor
  2. Avail MSME Registration benefits
  3. Carefully use HAC/SAC Code during GST Registration
  4. Subscribe LocalVyapar services for GST Returns Monthly / Quarterly
  5. Club your all business and other income in your Personal income tax return

Sole Proprietor Firm Registration Fees

Package 1

GST registration+ MSME Registration+ Assistance opening of current account Rs. 3500 +GST

Package 2

GST registration + MSME registration+ Assistance In opening of current account + Trademark registration in one class Rs. 9999 + GST

Documents Required for Sole Proprietor Registration

Sole Proprietor isn’t governed by any specific laws it has the minimal and easy compliance.

For Sole Proprietor registration, the following documents are required:

  1. Aadhar Card
  2. Registered office proof
  3. PAN Card
  4. Personal Bank Account

The Advantages of choosing Sole Proprietor Registration in India

  1. Business secrecy is maintained
  2. Informed decision making is done and prompt action is followed
  3. Flexibility of Operations
  4. Least record keeping
  5. Accountability is your own
  6. It is the oldest and simplest form of business.
  7. No hazel to establish your business. It automatically exists as soon as you start to sell something.
  8. No second set of business tax forms to complete
  9. Sole Proprietors have the lowest tax rates.
  10. No need to publish its financial accounts or any other such documents to any members of the public. Hence a great deal of confidentiality is maintained, which is quite important in the business world.
  11. The owner drivesthe maximum incentive from the business.
  12. Not required to share any of his profits.
  13. Being your own boss system and sense of satisfaction and achievement is achieved
  14. It acts as a great boost to your self-worth as well.
  15. Easy star and closure procedure
  16. Direct control
  17. Common examples of Sole Proprietor business are grocery shop, chemist shops, beauty parlors, fabrication units and so on.

Legal requisites for a Sole Proprietor: Taxes, Accounts, Audits, Other legislation

Taxes

Any revenue which is earned by the Sole Proprietor firm is considered as the personal income, for which personal taxes are to be paid. At the same time, there are no additional business taxes. You are required to pay income taxes and advance taxes, based on what you earned the previous quarter.

Now, what all Taxes are required to be paid by a Sole Proprietor Firm?

Sole Proprietor firm must pay taxes in the same line and manner as other businesses.

In addition to income tax your business must pay the following:

  1. Collect and pay GST on taxable goods and services sold.
  2. Pay property tax on any real property (land and buildings) you own.
  3. If your Sole Proprietor firm has employees, you must collect, report, and pay employment taxes.

Accounts

You have to maintain the proper books of accounts of your Sole Proprietor firm.

Audits

No such audit is mandatory below annual turnover Rs. 1 Cr, but yes you may conduct your own internal audits, so as to know your defaults and loopholes if any.

Other Legal Requirements for Proprietorship Firm Registration

No statutory requirement is required to register the Sole Proprietor firm; however, to advance your business you may require the following registration:

Shop and Establishment Act License

This license is again not mandatory in all the state of India. However, where ever it is mandatory it is obtained according to the local

How to Open Bank account for Sole Proprietor

  1. Firstly, obtain PAN for your Sole Proprietor.
  2. Get GST registration certificate.
  3. You must also have Aadhar Number and PAN.
  4. Visit any bank for opening an account with them.
  5. You shall also carry identity proof and address proof.
  6. You may also require providing other business related documents by the bank.

In case of any kind of assistance from LocalVyapar expert team or to know more contact.

How LocalVyapar will help you to get Sole Proprietor Registration

  1. Fill The Form
  2. Get a Callback
  3. Submit Document
  4. Track Progress
  5. Get Deliverables

How it works?

 

Q. How to hire a professional from Local Vyapar?

Since we connect you with the best service professional, we need your requirements in a detailed manner. So first you insert your search in the search bar and fill up the details asked in the form. You need to fill up your location so that we can match with the best service professional near by you. After submitting the details, matched professionals will get in touch with you and you can check, compare their ratings, reviews, quotes and hire the right professional.

Q. Why LocalVyapar?

- We follow certain parameters and process to onboard service professionals on our platform which includes not only their portfolio, document verification but also their background checks to ensure the best quality for our customer.

- We make sure about delivering services with in your budget and that's why keep the affordablity factor in mind while onboarding the professionals and designing the further process.

- Customers are the top most priority for LocalVyapar and we make sure about 100% customer satisfaction and assist our customers personally if required anytime.

- We closely monitor all our service professionals and the services delivered by them. We have strict guidelines for them to follow and to maintain the quality standard we take strong actions against like blacklist, refund, penalty on them.

Frequently Asked Questions

 

Q. How the payments will be done for service?

The service professional will send you the link via sms or email where from you can pay the amount through credit card, debit card, netbanking and you can also pay by cash when service professional come to your doorstep. 

Q. Will I be able to see the portfolio and discuss with the professional before hiring?

Yes. You can check their portfolio or even can ask them to share more work once you get the contact details of service professional. You can have a detailed discussion before hiring any service professional.

1. What are the Fees involved for Sole proprietorship registration in India?

No such statutory fees as such are required, only cost for respective other certificates involved say GST registration, MSME registration etc is required.

2. Is minor are allowed to start a sole proprietorship?

No, a minor cannot allow starting a sole proprietorship. Only a major whose age is above 18 can start a sole proprietorship firm.

3. Is a sole proprietorship allowed to have employees?

Yes, a sole proprietor is allowed to hire and have employees.

4. Can I pay myself a salary, being the sole proprietorship?

Treatment in tax is like a sole proprietor is not entitled to tax deductions on salary paid to himself reason being logical that such payments are not business expenses. In case you do so you are merely is transferring funds from a business account to your own personal account only.

5. What is the tax to be paid by the sole proprietors?

The business does not come under tax purview as such separately however, you must report all business income or losses on your personal income tax return.

6. I want to use my name as my sole proprietorship, can I do so?

Yes, you can do so as no legal restrictions as such are there for name usage and also for the fact that it is not a legal entity. It is a simple set up wherein a person starts his business and is accountable for his own acts.

7. What happens to the property when a sole proprietor dies?

As a sole proprietor, your business ceases to exist when you die. Your business's assets and liabilities become part of your estate.

8. Is the ownership of a sole proprietorship transferable?

The sole proprietor can transfer the business by selling its tangible and intangible assets; as there is no concept of a separate legal entity, the owner and business are one and the same.

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