A sole proprietorship is a business organization where a single person manages the business. The sole proprietorship form of business carries many advantages, viz., less investment, total control. At the same time, the single proprietor bears all the business losses and enjoys all the profits. Many local businesses, such as grocery stores, parlors, boutiques, retail stores, etc., can be established as sole proprietorship firms. Even small traders and manufacturers can establish a sole proprietorship firm. Generally, such business does not require any registration. However, registering a sole proprietorship will enable the proprietor to prove his legitimate claim and ownership of business.
Once we receive your request to assist you with your sole proprietorship’s registration through the form on this page, Takelegal.in’s representative will contact you directly to understand your business better and run you through the process of registration in greater detail.
Our representative will supply you with a document checklist to enable us to begin your sole proprietorship’s registration process. Moreover, it is imperative that you comply with the law before you seek registration.
As a sole proprietor, you must file income tax returns annually. Also, you must file your GST returns if you are registered under GST. A sole proprietor should also deduct TDS and file TDS return if liable for a tax audit. Takelegal.in will ensure that you comply with the applicable laws that are ever-evolving and do not get confused by multiple timelines.
Documents play an important role in the registration of sole proprietorships. To allow us to facilitate smooth registration, Takelegal.in advises you to submit to us the following documents at the earliest:
A sole proprietorship requires opening a bank account in the name of the business, a certificate of registration under the Shop and Establishment Act of the respective state and GST registration. The registration process takes approximately ten (10) days, subject to departmental approval and reverts from the respective departments.