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Sole proprietorship is the simplest of all the businesses that are listed in here. One of the earliest forms which started the concept of market has now today become synonymous with the retailer ship. Even though there is a huge difference between them. Retailer is a person who sells the goods to customers. He is the last link in the chain of distribution. Whereas sole proprietor could be anyone in the chain of distribution, a producer can be a sole proprietor, a warehouse manager can be a sole proprietor. Nevertheless, this form of business is at every nook and corner because of the ease of the setting up and also because of xero compliance cost.
Indeed, the profession has become so popular that, there are numerous sole proprietors who have opened shops everywhere and thus are selling goods and providing services. The very shop from which you purchase chips is a sole proprietor. Hence, we see that it is an immensely popular form of business organization.
There are numerous advantages of sole proprietor which has made it so popular, such as single ownership, no cost of setting up, and also no compliance for corporate tax requirements. It is because of this reason that sole proprietorship has become so popular and thus, it is because of this it is leading form of small business to go with. However, one must note that there are several disadvantages too for the sole proprietor ship.
The major disadvantages of the sole proprietor are unlimited liability, improper management and also includes no perpetual existence. There is no perpetual existence because with the death of sole proprietor the proprietorship dies too. Unlike the private limited company where there is perpetual existence i.e. even after the death of the shareholders, the company continues to stay in existence. However, even with the advent all the other forms of entities the sole proprietorship continues to an immensely popular of conducting business. The sole proprietorship is simple to set-up and there are not much legal formalities involved while setting up the sole proprietorship. Thus, we see that why sole proprietorship has stayed even after introduction of so many business organizations.
Sole Proprietorship is otherwise called a sole dealer and is a kind of business substance which is possessed and worked by one individual as it were. In others words, when an individual chose to perform business separately and utilize his, her name or by giving a business name for himself to perform business exercises expertly by experiencing ownership firm or sole ownership organization enlistment.
At the point when an individual chose to perform business as sole dealer/Proprietor then they need to document online ownership enrollment application on his/her business name with one of numerous alternatives accessible, for example, GST, IEC code(only for merchant and exporter), MSME and so forth., with the administration to make the business legitimate and to get current financial balance on the organization name.
Decide what type of certificate you are planning to register sole proprietorship company in India.
Coordinate with our executive and upload your document for online proprietorship registration.
After documentation make necessary payment as discussed with our executive.
After all 3 step you will get your certificate from the Govt. Department (acknowledgement sent by mail immediately by mail) for approval of your proprietorship company registration online request.
Q1. What is a Sole Proprietorship?
Ans. A Sole proprietorship is a type of entity where there is single owner and all the decisions of the business are taken by him/her. It can be registered or unregistered.
Q2. Why Sole proprietorship?
Ans. The Sole proprietorship is a preferred form for those who want to have a full control of business and are their own boss. It is a preferred form for those who do not want to work under others.
Q3. Is it necessary to get the proprietorship registered?
Ans. No, it is not necessary to register the sole proprietorship.
Q4. What is liability of the Sole Proprietorship?
Ans. The Sole proprietorship has unlimited liability i.e. the personal assets of the sole proprietor can be attached to pay off the liabilities of the sole proprietorship.
Q5. What are the requirements to start the Sole Proprietorship?
Ans. In order to start the Sole Proprietorship, one needs to get the necessary license for the type of business to be started as a sole proprietorship.
Q6. What is the annual compliance requirement for the Sole proprietorship?
Ans. The Sole Proprietorship does not need to have any annual compliance instead annual compliance is for sole proprietor where it has to submit his/her Income Tax return.
Q7. Can You register a brand name under the Sole Proprietorship?
Ans. Yes! A brand name can be registered under the sole proprietorship.
Q8. What are the disadvantages of Sole Proprietorship?
Ans. The Sole Proprietorship has many disadvantages such as, unlimited liability, lack of resources, lack of credibility, cannot raise credit easily.
Q9. What are the advantages of Sole Proprietorship?
Ans. The Sole Proprietorship has many advantages such as, sole control over management, easy setup, low cost, and low taxation.
Q10. Can a Sole Proprietorship be converted into any other entity?
Ans. Yes! A sole proprietorship can be converted into any other entity by following the required procedure.
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We at GSB Taxation believe in high quality and exceptional customer service but most importantly, we believe helping others should be the primary purpose of a good service agency. So, we strive to give the best services at the most affordable prices. We’ve come a long way, so we know exactly which direction to take when supplying you with high quality yet budget-friendly services. Whether it is a Private Limited Company Registration, LLP Registration, One Person Company Registration or an FSSAI License Registration, we got it covered. We know that it’s hard for a person to stand on its own. He/she have to think twice before taking any step. Therefore, GSB Taxation offers all of these and other major services with excellent and friendly support in order to do the best for you. We are here to help you in nourishing your business. Trust our dedicated team get ready to live your dreams with us.
