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Proprietorship Firm

A sole proprietorship is a type of unregistered business entity that is owned, managed and controlled by one person. Sole proprietorships are one of the most common forms of business in India, used by most micro and small businesses operating in the unorganised sectors. Proprietorships are very easy to start and have very minimal regulatory compliance requirement for started and operating. However, after the startup phase, proprietorship's do not offer the promoter a host of benefits such as limited liability proprietorship, corporate status, separate legal entity, independent existence, transferability, perpetual existence - which are desirable features for any business. Therefore, proprietorship registration is suited only for unorganised, small businesses that will remain small and/or have a limited period of existence.

There is no mechanism provided by the Government of India for the registration of a Proprietorship. Therefore, the existence of a proprietorship must be established through tax registrations and other business registrations that a business is required to have as per the rules and regulations. For instance, VAT or Service Tax or GST Registration can be obtained in the name of the Proprietor to establish that the Proprietor is operating a business as a sole proprietorship. Thus, all the registrations for a proprietorship would be in the name of the Proprietor, making the Proprietor personally liable for all the liabilities of the Proprietorship.

  • Easy to Start

 Proprietorship needs minimal registration. Therefore, it is one of the easiest form of business entity to start with minimal formalities. However, after starting up a Proprietorship, it is relatively harder to open a bank account or obtain a payment gateway in the name of the business, since more registrations like VAT or Service Tax or GST Registration may be required.

  • Business Name

Since the name of a proprietorship is not registered, a proprietorship can choose to have any name - as long as it does not infringe on a a

  • Single Promoter

Proprietorship is the only type of business entity that can be registered and operated by one person. To register a one-person company, a nominee Director is required and for all other types of entities like company or LLP or partnership firm, two or more promoters are required.

  • Lower Taxes

Proprietorship with less than Rs. 3 lakhs of income are not required to pay any income tax, as proprietorships are taxed as the individual owing the business. However, unlike a company or LLP, a proprietorship cannot enjoy some of the tax deductions, which could potentially increase the tax liability.

  • Easy to Close

The Proprietor and the proprietorship are one and the same for all legal purposes. Hence, there is no formality for winding up or closing a proprietorship. In most cases, to close a proprietorship, only the tax registrations obtained in the name of the proprietor must be cancelled.

Benefits of the package

  • You pay a Fixed Price for Litigation
  • No hidden costs.
  • No stress of litigation
  • Experienced and dedicated professionals assigned to your case
  • Regular case Updates

1 WORKING DAY

We will help you decide what registration you need, whether service tax, sales tax, import/export code, professional tax or Shops and Establishments Act registration. We will also inform you of the documents you need to get started.

5 WORKING DAYS

We will connect you to a verified vendor who will file your application and keep you up-to-date on its status. Our vendors are well-experienced in handling local registrations.

15 WORKING DAYS

We will offer our complete support until you receive the registration you've selected. This could take up to 15 days in some cases, but as few as 5 days in others. This depends on the workload of authorities and other externalities.

• Pay Online
• Our Customer Support executive will call you for details of your query and forward it to the advocate
• You will be connected with the lawyer for a 15-minute consultation.
• A first draft will be sent to you for review and changes
• You will be connected with the lawyer for again for a time span of 15 minutes to discuss the required changes.
• No further consultation with the advocate forms a part of this package.

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