Proprietorship Registration

Discover the simplicity of starting your business journey with Speed Filings, where we specialize in making legal processes easy for entrepreneurs like you. Today, let’s explore the straightforward and effective Sole Proprietorship structure in India.

What is a Sole Proprietorship?

A Sole Proprietorship is the simplest and oldest form of business ownership in India. In this structure, a single person, known as the proprietor, owns, manages, and controls the entire business. This means quick start-ups with minimal compliance requirements, making it ideal for small businesses with up to 5 employees.

Why Choose Speed Filings for Proprietorship Registration?

Speed Filings is your partner in navigating the Sole Proprietorship registration process efficiently. With our expert guidance and streamlined procedures, you can launch your business hassle-free and unlock its full potential.

Proprietorship Registration in India

Registering a Sole Proprietorship in India is unique. Instead of a dedicated registration process, recognition comes through essential tax registrations. Speed Filings ensures your smooth entry into the business world by handling crucial registrations like GST (Goods and Services Tax) on your behalf.

Licenses and Registrations Needed

To run your Sole Proprietorship smoothly, you’ll need important licenses and registrations:

• PAN and Aadhaar: Obtain these for business identification.
• UDYAM Registration: Recognizes your business as an MSME, offering government benefits.
• GST Registration: Mandatory for businesses crossing specific thresholds.
• Bank Account: Open a separate account for smooth financial management.
• Local Registration: Register under your state’s Shops and Establishment Act for compliance with local labor regulations.

Advantages of Sole Proprietorship

• Easy Registration: Minimal formalities for registration compared to other business structures.
• Lower Compliance: Reduced burden as most registrations are with government departments like Income Tax & GST.
• Simplicity: Ideal for very small businesses with minimal paperwork and consent requirements.
• Business Control: The owner has complete control over all business decisions and operations.

Disadvantages of Sole Proprietorship

• Funding Challenges: Relies on personal savings; raising funds can be challenging.
• Personal Liability: Owner’s personal assets are at risk in case of business debts.
• Limited Business Continuity: Dissolves automatically in case of owner’s death or disability.
• Growth Restrictions: Suitable for very small businesses due to fundraising and liability constraints.

Registering a Proprietorship Online with Speed Filings

Speed Filings simplifies the online registration process. With just the PAN & Aadhaar card of the business owner, we can obtain essential registrations like GST, and UDYAM, in less than 15 days.

Compliance for Proprietorship

We handle key compliances for your Sole Proprietorship:

• Income Tax Filing: File personal income tax returns using ITR-3 or ITR-4.
• GST Return Filing: If registered, file monthly or quarterly returns as per the business scheme.
• TDS Returns: For businesses with employees or significant purchases, file TDS returns quarterly.

Ready to start your Sole Proprietorship journey? Let Speed Filings guide you through the process effortlessly. Contact us today!