Sole Proprietorship

Special package for startups at just

2,000/-

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Features

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    Easy to start
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    Single Promoter
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    Minimal legal costs
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    Few formal business requirements
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    Easy to close

Deliverables

  • Dedicated Professional
  • 100% online process
  • Live work status update
  • End to End documentation
  • Generation of certificate
  • Quick Current Account Opening
  • Completion of work in given time frame

A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss etc.

The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietor’s. It is a “sole” proprietorship in contrast with partnerships (which have at least two owners).

A sole proprietor may use a trade name or business name other than his, her or its legal name. They will have to legally trademark/register their business name, the procedures being different depending upon state of residence in India.

ADVANTAGES

  • A sole proprietor has complete control and decision-making power over the business.
  • Sale or transfer can take place at the discretion of the sole proprietor.
  • No corporate tax payments
  • Minimal legal costs to forming a sole proprietorship
  • Few formal business requirements

DISADVANTAGES

  • The sole proprietor of the business can be held personally liable for the debts and obligations of the business. Additionally, this risk extends to any liabilities incurred as a result of acts committed by employees of the company.
  • All responsibilities and business decisions fall on the shoulders of the sole proprietor.
  • Investors generally do not invest in sole proprietorships.

Process

The registration as a sole proprietorship does not have a standard, single point entity registration facility. 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.

Obtain:                                                  

GST Registration – If Applicable

AND

Mandatory Registrations:

  1. Shops & Establishment Registration AND
  2. Professional Tax Registration.

Sole Proprietorship

2000/-

Obtain help of Professionals & Subject matter experts at CFO Affairs to understand the intricacies involved in the registration. We are more than happy to educate you and make your entity registration a hassle free process.

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