Firm & Company Registration

  PROPRIETORSHIP & REGISTRATION ABOUT:

A sole proprietorship is also known as the sole trader, individual entrepreneurship or proprietorship which denotes a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity. The sole proprietorship is one of the easiest types of business to establish or take a part in the business world. As such, these types of businesses are enormously popular among sole owners of businesses, individual self-contractors, and consultants. Many sole proprietors do business under their names because creating a separate business or trade name is not always necessary.

FOR WHOM: Small Scale Business,

REGISTRATION OF PROPRIETORSHIP BUSINESS:

 NO FORMAL REGISTRATION: there is no registrar for Proprietorship in India.

BUSINESS LICENSES: it must obtain business licenses as per guidelines of local, state & central government authorities which depend upon requirement of business. like municipal authority issue license/certificate like shop & establishment act, in case of medicine shop or related business license issued by indian medical council, food and drug control authority, sme registration under provision of msme act TAN Registration, Import Export Code from DGFT and FSSAI Registration etc.

TAX COMPLIANCES: it is compulsory to obtain various tax registration according to the nature of business. like GST registration, Professional tax registration, and ESI registration, PF Registration.

TRADEMARK LICENSES: unique business name requires trademark registration for successful growth of any business.

COMPLIANCES REQUIRED AFTER INCORPORATION OF PROPRIETORSHIP: - Proprietorship must file income Tax Return and as per income tax Act proprietorship needs to file ITR-3 or ITR -4 (Shugam). 

Audit for Proprietorship if total sales exceeds Rs 1 crore during financial year or total gross receipts are more than Rs 50 lakhs during financial year assessment. Apart from it, if Proprietorship pay tax under Presumptive Tax Scheme where income claimed is lower than the deemed profits and gains under the scheme.

 GST Compliances (IF ANY) -

 Professional Tax Registration (IF ANY)

 FEATURES OF PROPRIETOR BUSINESS:
 • Easy to Start and close
 • Less Compliance 
• Cost Efficient 
• Absolute Control
 • In-expensive 
• Tax Benefit 
• Decision making Power
 • Separate Business Identity 
• No Perpetual Succession 
• Difficult to raise 

DOCUMENT REQUIRED: 

1. Identity Proof - Aadhar & PAN Card 
2. Address Proof - Latest Bank Statement/ Latest electricity bill/ Latest telephone bill/latest gas bill/ rent agreement. 
3. Registered mobile number 4. Passport size photos 5. Other Document as required Working Process:

Choose your Plan and Pay Securely.
> Upload required document 
>  Compliances expert will be assigned to you for the procedure of submission of the application. 
> Compliances Expert will complete process required for your work along with the necessary assistance over call during business hours.

 STANDARD PLAN: (#Negotiable)

 Proprietorship registration with 
• MSME REGISTRATION 
• GST REGISTRATION 
• CURRENT BANK ACCOUNT 

Service Fees:2499/- inclusive All Tax 

ACE PLAN:  (#Negotiable)

Proprietorship registration with 
• MSME REGISTRATION 
• GST REGISTRATION 
• SHOP & ESTABLISMENT ACT LICENSES 
• TRADEMARK REGISTRATION 
• CURRENT BANK ACCOUNT 
Service Fees:9999/- inclusive All Tax 

TIME EXPECTED: Law Compliances team can help you for registration of Proprietorship business in 8-10 working days.** 

FREQUENTLY ASKED QUESTION (FAQ):- 

Q- Who can start a sole proprietorship? 
Any Indian citizen with a current account in the name of their business can start a sole proprietorship. Registration may or may not be required, depending on what business you are planning to establish. However, to open a current account, banks typically require a Shops & Establishments Registration. 

Q- What businesses are commonly run as sole proprietorships?
 Most local businesses are run as sole proprietorships, from your grocery store to a fast food vendor, and even small traders and manufacturers. This is not to say that larger businesses do not operate as sole proprietors. Even some jewellery shops are sole proprietors, but this is not recommended. 

Q- Why is a Proprietorship Registration important? 
There are no formal mechanism provided by the Government of India for the registration of a Proprietorship. Thus, the existence of a proprietorship has to be established through tax registrations and the other business registrations that a business is needed to have as per the rules and regulations. 

Q- Are any of these registrations available online? 
Registrations like Service Tax and any of the registrations handled by the central government are available online. Such as GST, Trademark Registration, PAN, Udyog Registration, etc. 

Q- Who is liable for the business in a Sole Proprietorship? 
The proprietor personally is liable for the profits and losses of the business in a Sole Proprietorship. 

Q- Can I convert my Sole Proprietorship Firm to a Private Limited Company? 
Yes, you can choose to change the form of your entity anytime you want as per by the government regulations. 

Q-will Proprietorship firm have a registration certificate? 
Proprietorship firms do not have a certificate of incorporation or a certificate of registration. The identity and legitimacy of a proprietorship firm is established by registering with the relevant or applicable Government authorities.

Q-can other people invest in a proprietorship? 
Proprietorship firms are business entities that are owned, managed and controlled by one person. So they cannot issue shares or have investors. ***