Sole Proprietorship Company Registration

Do you Proprietorship Firm Registration in Chennai with Marks India. Expert assistance, simple process and get started with proprietorship company registration online.

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Sole Proprietorship Company Registration

What is sole Proprietorship?

  • Proprietor business is formed for the purpose of small size of the company.This sector designed as unorganised sector in India.

Why to choose sole proprietorship?

  • Very less compliances required for running the business. Low cost effective.Tax rates are applicable on Individual tax rates. So tax benefits is available when we do small size of business

Importance of sole proprietorship

  • Income and losses are taxed on the individual's personal income tax return. The sole proprietorship is not a legal entity.  It simply refers to a person who owns the business and is personally responsible for its debts. Trade Name is not registered any where. Anyone can use the trade name and not protected. Individual liable for his own debts

When to commence sole proprietorship

  • Less legal licences are required for company formation. eg. MSME, GST, Shop & Establishment licence

Sole Proprietorship Registration Packages

PROPRIETOR

Basic

Rs 3499/-

Rs 2499/-

Proprietor Registration with MSME registration under Udyog aadhar

GST Registration

Free Dmat account opening

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Premium

Rs 6999/-

Rs 4999/-

Proprietor Registration with MSME registration under Udyog aadhar

GST Registration

GST Monthly Return 3 Months

IE Code Registration

Free Bank Account Opening

Free Tax Consulting

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Important Steps Before Formation of Sole Proprietorship

Knowledge of the business

  • Do you have the previous experience in the same business? how many years?
  • Product analysis with the questions whether the product under any restricted sales in India eg. Cement, Steel

Growth of the Business

  • Growth of the business in India for the next 5 to 10 years?
  • Feasibility report of the business and products
  • Business plans and projected Financial Product for 5 years

Marketing Strategy

  • Marketing strategy is available with target customers?
  • Pricing of products and margin available in the product ?

Funds – Working Capital

  • Sufficient working capital required for running the business for minimum period of 3 months. The funds can be own fund or bank funds.
  • How many months Investment in the business have required, return on investments and working capital funds are available for fixed expense months?

Documents required for Sole Proprietorship

ID Proof

  • Scanned copy of PAN Card of all directors and Voter ID/ Passport/ Driving License

Address Proof

  • Latest Bank statement/ Utility bill in the name of director which should not be older than two months

Registered Office Proof

  • No Objection Certificate (NOC) from the owner, Utility bill (should not be older than two months) and Notarized Rent agreement (in case of rented property)/ Registry Proof or House Tax Receipt (in case of owned property)

Photo

  • Latest passport size photograph

Compliance after formation of Sole Proprietorship

Accounts & Operations

  • Open a Bank account with one Private bank and one scheduled bank
  • Get one accounting software with GST facility

Compliances

  • GST registration
  • PF & ESI Registration if applicable
  • Profession Tax registration
  • Import & Export Code registration
  • STPI Registration / SEZ registration
  • Secretarial compliance required for passing resolutions, Change in Management, entering contracts, loan obligations etc

Performance

  • Review Financial Products performance by every 3 months
  • Compare the budget amount with actual Financial Products results

Statutory Obligations

  • File GST return every month without delay
  • PF & ESI return filing
  • TDS Payments & Return filings
  • Advance Tax payments
  • File income tax return by every year before due date

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