Sole Proprietorship Firm Registration

INTRODUCTION

It’s the easiest way to carry on business and is not regulated under any specific law. Therefore, there is minimal compliance and to register a sole proprietorship, one only requires identity proof, bank account and a proof of the registered office. No specific registration is usually required but most sole proprietorships usually do the following registrations:

PROCESS

1. Some register their business as a Small Medium Enterprise (“SME”)
This registration is done under the MSME Act, for which an online application is to be filed. It is particularly beneficial in the fact that one can access loans under government schemes at a concessional interest rate.

2. Obtaining a license under the Shop and Establishment Act
Depending on the local laws, one may require this license from the municipal corporation. It is issued on the basis of the number of employees.

3.Registering for Goods and Services Tax (“GST”)
If the business’s annual turnover is over 20 lakh rupees, the registration under GST is possible which can be done via the GST portal and it usually takes 3-4 days to get the GST number.

ADVANTAGES / FEATURES

1. There is one person with full control of the running of the business.
2. Profits are directly subject to proprietor’s personal tax, there is no second level of tax levied.
3. It can be dissolved easily and informally just like it was begun.

DOCUMENTS REQUIRED

1. Since there is no particular registration process, one only requires identity proof, bank account and a proof of the registered office.

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