Proprietorship Registration

 

What is Sole Proprietorship?

Ans :- Business carried out by a single person and generally employed in traditional businesses. It is more of a one-man-show which is not scalable beyond a certain point. Furthermore, there is no statute or law governing its registration and functioning.

 

How will get Registration ?

Ans :- No legal procedure, you need to open a Current Account in the name of the Sole Proprietorship and establish a Trade License.

The Current Account will, by default be opened on the name of the person as mentioned on his/her PAN card and therefore the bill/invoice will be issued on the same name.

If you wish to change the name as mentioned, then please consult this answer.

 

What is the Advantages of a Sole Proprietorship ?

• Minimal compliance.
• Suitable for small to medium scale businesses.
• No registration required, just a Trade License if applicable and open a Current Account in the name of the Sole Proprietorship.
• Tax friendly as compared to a Pvt. Ltd. and an LLP.
• Greater flexibility and ease of operations.

Sole Proprietorship is optimal for freelancers as it has minimal compliance and more tax benefits as compared to a Private Limited Company/LLP.

However, big corporations sometimes do not prefer working with Sole Proprietors as it projects an impression of a man-show resulting in a lack of credibility. Sole Proprietorship has the drawback of unlimited liability as well.

 

What will be Taxation for Proprietorship?

Ans :-A Sole Proprietorship is taxed as an individual on the Slab Rates applicable.

What is Turnover limit for GST ?

Ans :-If turnover exceeds 20 lakh then you must get yourself registered. Although, if you are tied-up with an E-Commerce platform, then you must get your registration regardless of your turnover.

How “The Account Masters” will help you to get register as Proprietorship?

The Account Masters help you to get alll required Licences & Certificates in Zirakpur Punjab. ,Gujarat.Our Expert Team will always touch with you for your better improvement & Guidelines. Our Fees for registration of Proprietorship will be starting from Rs.999/- onwords.