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Sole Proprietorship Firm Registration
Sole Proprietorship Registration
Sole Proprietorship means any business which is carried out by a single person. In simple words a Sole Proprietorship is a business that is owned, managed and controlled by one person. It is the oldest, universal and elementary way to set up a business. The major difference between a sole proprietorship registration and a Limited Liability Partnership or a Corporation is that the business owner cannot be separated from their business. We can help you establish an identity for in Proprietorship Firm Registration.
Start Sole Proprietorship in India is made easier by Government of India. Earlier process of Sole Proprietorship registration has been modified. Now the new process is much simpler and with fast-track mode. Business owners need to choose a business name apply for Shop Act Registration. Experts at BHSOLANKI have helped number of entrepreneurs legal documentation to start Sole Proprietorship Company Registration. In All major cities of India, Mumbai, Delhi, Bangalore, Pune, Chennai and more. Our services are reliable and quick.
Legal Compliances for sole proprietorship firm
- Income Tax Return: Business owner at end of financial year need to prepare it financial statements such as Profit and loss statement and Balance sheet. And apply for filing income tax return.
- GST Returns: If business owner who applied for GST registration, then, need to file GST Returns on month or quarterly basis.
Income Tax Rate for Sole sole proprietorship firm For FY 2021-22
- Income up to Rs 2,50,000* No tax
- Above Rs.2.50 – Rs.5 lakh – 5% of the total income that is more than Rs.2.5 lakh
- Above Rs.5 lakh – Rs.7.50 lakh -10% of the total income that is more than Rs.5 lakh + Rs.12,500
- Above Rs.7.50 lakh – Rs.10 lakh – 15% of the total income that is more than Rs.7.5 lakh + Rs.37,500
- Above Rs.10 lakh – Rs.12.50 lakh 20% of the total income that is more than Rs.10 lakh + Rs.75,000
- Above Rs.12.50 – Rs.15 lakh- 25% of the total income that is more than Rs.12.5 lakh + Rs.1,25,000
- Above Rs.15 lakh- 30% of the total income that is more than Rs.15 lakh + Rs.1,87,500
Advantages Of Proprietorship Registration
It’s quick and easy to get started
It’s now very easy to start up a proprietorship business. In fact you can get a proprietorship firm register within few days. We will help you to Register the name of your business with the Secretary of State or the Department of Corporations in your jurisdiction.
Relatively less Expensive
A Sole Proprietorship is less expensive as compared to a One Person Company (OPC), Private Limited Company, Public Companies, and also due to the minimum compliance requirements, it is inexpensive even over the long-term.
Minimum compliances
Proprietorship business have little compliance burden as compared to Private Limited Companies, hence owner can more focus on other functional and core areas.
Better control
In Sole Proprietorship business the proprietor has full control over each and every activity of the business. Since the proprietor has all authority with him, it is possible to exercise better control over business.
The Only Owner
You, being only the sole owner is helpful in quick decision-making, controlling and managing the business without following any elongated processes and methodologies as required. The sense of belonging inspires to grow the business further.
Minimum Requirements
Only one person is required to start a proprietary business. There is no need to perform and submit an audit annually unless turnover crosses specified limit or like a Private Limited or Limited Liability Partnership the proprietary firm is not required to filling at Ministry of Corporate Affairs.