Sole Proprietorship Registration
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Sole Proprietorship Registration
Are you planning to start a small business in unorganized or local format? Are you looking for cheaper option as compared to One Person Company? Relax ! Sole Proprietorship is only answer to all these questions. It is the type of business which allows a single person to own, operate and control entire business. It is best suitable to small traders and merchants as benefits like limited liability, continuous existence etc. do not apply to them.
But registering a sole proprietorship carries full risk of business liability to owner, as it is not considered as separate entity and thus proprietor is liable for everything including his personal assets too. Thus it is great option for entrepreneurs to register as sole proprietorship, grow your business to the fullest and then transfer your registration to any other form like Public Limited or Private Limited to avoid risks of liability. Benefits are easy taxation, no compliance, easy and fast registration, no minimum capital required. But unorganized and no continued existence can close on death of owner.
Contact Envizi now and get your sole proprietorship firm registered.
What do you understand by the term Sole Proprietorship?
Sole Properiotrship is the type of business which allows a single person to own, operate and control entire business. It is best suitable to small traders and merchants as benefits like limited liability, continuous existence etc. do not apply to them. It is free fromany legal complaince and having tax benefits .It is a local and basic form of business registration . Sole Properitorship does have the Limited Liablity Benefit as in OPC which is registered under the MCA.
Basic Requirements to Start as Sole Proprietorship:
- Register with any name:-As your business is not going to get registered with any government authority, burden of choosing a unique name is released in case of sole proprietorship. You can choose any name for your firm. If you wish to register a trademark under your sole proprietorship, then only you should choose unique name.
- GSTIN Registration and Current Account:-To start your sole proprietorship business, GSTIN registration, MSME and current account in the name of your business is must.
- Pan card of director
- Passport size photograph of director
- Address proof of the director
- Identity proof of the director
- Rent agreement and NOC
- Bank statement or canceled cheque
- Electricity bill of the property where you want to register a firm
- Pancard of Sole Proprietor
- ID Proof and Address Proof
- Rent agreement, NOC or Electricity Bill
- Bank Statement or Cancelled Cheque
- Passport Size Photo of Director
What You Get
- Shop Licence
- Establishment Licence
Steps for Sole Proprietorship Registration in Chennai
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Advantages of Sole Proprietorship
stablishing a sole proprietorship business is very easy as it does not need to undergo any specific registration requirements, legal identity of proprietor is enough to get started.
A single person holds all the rights of decision which makes it very convenient to operate the entire business. Sole proprietorship businesses never need to conduct board meetings or seek approval from shareholders. No legal Compliance to be done.
Being the sole owner of the company, all profit earned through the business is entitled to owner only. In any other type of business profit is distributed at least between two persons or partners or Directors.
Sole proprietorship is not a govt. registered form of entity and thus it has no records in Government’s database. Thus sole proprietorship is considered as more secretive and private business as compared to Limited or LLP or Private Company whose details are available on MCA website.
As sole proprietorship is not registered with any Government authority, it has to fulfill very minimal compliances. Proprietor only needs to file GST and income tax return, no need of annual audit as in case of other company formats.
In sole proprietorship business, it is allowed to pass your ownership from one generation to next generation. Thus your next generation can run the business already setup by you.
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Why Choose Us
Envizi understands the role of business in entrepreneur’s life and thus have designed innovative and effective registration solutions to register business quickly and reliably. Envizi is most trusted name for Sole Proprietorship Registration in Chennai due to its affordable, reliable and hassle-free business solutions. We have worked with many startups and thus understand their needs hence it helped us to deliver best solutions at pocket friendly price. Being your trusted legal partners, we consult you thoroughly for your business setup and other compliance requirements before providing a solution.
So don’t just dream of your business, reach us now and be an entrepreneur.