How to Establish a Sole Proprietorship Business in India

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Establish a Sole Proprietorship Business in India
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INDEX

• - About Us
• - Establish a Sole Proprietorship Business
  in India
• - Contact Us

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ABOUT US

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How to Establish a Sole Proprietorship Business
in India

• Thinking of starting a business? There are
  different legal firm types when establishing a
  business such as a company, partnership, limited
  liability and sole proprietorship. One of the
  easiest types is setting up a sole
  proprietorship. Because of their simplicity, sole
  proprietorships are quite common in the
  unorganised business sector, especially among
  small merchants and traders. Under this type, the
  business is wholly owned and run by a single
  individual.
• The owner has the right to all the profits and he
  is liable for all the losses and liabilities. The
  owner is also responsible for paying the personal
  income tax on profits earned in the
  business. Sole proprietorship registration is not
  mandatory as per government rules and
  regulations. However, it is advisable to register
  to be eligible for availing of government schemes
  benefits. A lawyer business can help with the
  legal formalities. 
• Although sole proprietorship registration is not
  mandatory, there are a few registrations that
  will ensure the smooth functioning of your
  business. Below mentioned are the registrations
  which you can get completed with the help of
  a lawyer business

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1. SME Registration

• According to the MSME Act, a sole proprietorship
  business can be registered as an SME (Small and
  Medium Enterprise). Applications can be submitted
  online also. Registrations make it easier to
  obtain bank loans in the future and avail
  government-administered schemes.

2. Shops Registration According to the MSME Act,
a sole proprietorship business can be registered
as an SME (Small and Medium Enterprise).
Applications can be submitted online also.
Registrations make it easier to obtain bank loans
in the future and avail government-administered
schemes
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3. GST Registration

• The requirements of GST registration are
  different for different kinds of businesses. If
  the annual turnover is not greater than INR 40
  Lakhs, then it is not mandatory. Getting GST
  registration makes the business recognised
  legally. Small businesses can benefit from
  composition scheme to lessen their tax burden.
• Along with very few legal formalities and full
  control, sole proprietorship offers a host of
  benefits. The business does not have to take the
  pain of maintaining annual records of accounts.
  The business owner can quickly take all the
  decisions. He/she is in charge of earnings and
  expenses.  
• After having this complete picture, one should
  make a wise decision about starting a sole
  proprietorship.

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