Small enterprises operating in the informal economy often succeed best as sole proprietorships. At PROUDFILER, we can help you set up a business as a sole proprietor. The vast majority of companies in India are run by a single individual as a Sole Proprietor. A sole proprietorship is a business structure in which the owner and manager are the same individual. When compared to the requirements for forming and operating a One-Person Company (OPC), these organisations have fewer regulatory compliance hurdles to jump through.
About a Proprietor
A Proprietor is the legal owner and manager of a sole proprietorship. He needs to be a real, living, and Indian Resident. No corporation or other legal entity can be a proprietor. In a sole proprietorship, the proprietor’s tax identification number (PAN) and other identifying information are identical to the entity’s. Whenever there is a problem, the Proprietor is the one who must fix it.
The simplicity of launching a Sole Proprietorship is its primary benefit. It’s an economical and efficient method of conducting business.
The following are some of the other benefits:
1. The business will be run by the owner, who will have full control over it.
2. A Sole Proprietorship entity has very few requirements for reporting.
3. One of the tax benefits of being a sole proprietor is that you don’t have to pay separate taxes for your business.
The downsides of being a sole proprietor are:
It is very easy to start a Sole Proprietorship entity. The owner of a sole proprietorship, on the other hand, doesn’t get a lot of benefits once the business is up and running. These include a separate legal entity, corporate status, the ability to sell the business, and the fact that it will always exist.
Our fees for registering a business name are as follows:
Basic Plan
TAN Registration
Udyog Aadhaar (MSME) Registration
GST Registration
Assistance in Current Account Opening
Premium Plan
Everything from the Basic Plan +
GST Return Filing For 3 Months
TDS Return Filing For 3 Months
In India, PROUDFILER has established itself as the industry leader in the provision of services related to proprietorship registration. Before we get started with the engagement, we make sure that we have gathered all of the necessary information and documents. You will be provided with an engagement manager, who will also offer you guidance regarding the kinds of registrations that need to be obtained. The time it takes to finish registering a sole proprietorship typically ranges from three to five working days, but this number can vary depending on how long it takes the government to process the application and how quickly the client submits their documents. When all of the prerequisite registrations have been accomplished, the next step is to fill out an application with the bank to open a checking account.
For more information, feel free to contact us at EMAIL: info@proudfiler.com or call us at +91-7275103913.