Proprietorship Registration
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What is a Sole Proprietorship Firm?
Sole proprietorship is a type of business entity which is owned and managed by a single person only. It is not governed by any law and hence it is the easiest form of business in India. All the decisions and management of the business is in the hands of one person.
Benefits of Proprietorship Firm Registration
Minimum Compliances
Easy to Start
Lower cost
Complete control
Registrations required for Sole Proprietorship Firm
MSME Registration
Shop and Establishment Act License
GST Registration
Benefits of Proprietorship Firm Registration
Minimal Compliances
Easy to Start
Sole Proprietorship is not governed by any law and does not require any mandatory registration. the easiest way of starting a business
Lower cost
As there are minimal compliances, there is no need to hire an auditor for meeting the legal compliance requirements.
Complete control
As a proprietorship firm is owned by a single person, he has the complete control over the business decisions and there are no interventions of any kind.
Frequently Asked Questions
You can register your business as a sole proprietorship by GST registration. There are additional and beneficial registrations too like MSME, Shop & License License, etc.
Yes, one needs to obtain GST registration in order to establish the existence of the proprietorship firm.
The three advantages of a sole proprietorship are:
- Minimal Compliances requirement
- Easy to Start
- Lower Cost
On average, it takes around 7-10 working days for registration of sole proprietorship firm in India subject to document verification by the concerned authorities.