Soleproprietorship, also known as the individual entity or proprietorship, is a type of enterprise that is owned and run by only one person. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss, etc.
|1 Name will be granter easily by doing Registration in GST, MSME or any other law governing by Statute.||1 Name can be used by any other firm unless it has trademark. DISADVANTAGE|
|2 Whole income club with other income of individual and get benefit, of Income Tax Slab on such income.||2 Unlimited Liability and Losses arises due to business.|
|3 Lesser Compliance Requirements.||3 No Perpetual Succession.|
|4 Fast & EasyDecision making.||4 Not recommended after becoming Mid-size firm.|
Sole proprietorship is suitable for those who are in starting phase of business. Firm startup cost and compliance cost are very low for this entity. GST registration preferable over MSME if firm would work with Govt. Dept. Additional opinion please contact with our advisorat zero fee.
|1 Copy of PAN Card.||2 Copy of Aadhar / Voter ID / Passport /Driving License/etc.|
|3 One passport size photo||4 Copy of Electricity Bill for address of Business.|
|5 Copy of Bank Passbook / Cancelled Cheque.||6 Additional Details – Firm Name, Nature of Business, etc.|
Generally it takes 1 to 5 Days depend on type of registration.