Proprietorship Firm Registration
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Sole Proprietorship Firm Registration
A Sole Proprietorship Registration is a business where one can be his own master that means it is established by a single owner, no group of directors, no shareholders, and hence, there is no interference of any outside body in the major decisions regarding business and no sharing of the profits. There is just one founder of the firm who solely runs the business body on their own.
With this special advantage comes the biggest disadvantage which is that a sole proprietorship firm does not have any legal recognition. This is the biggest factor that distinguishes a proprietorship firm and a one-person company. In a proprietorship firm, the owner and the business are considered as a single entity while a company has its own recognition despite its founder. They are both treated as two separate independent entities.
Having no legal authorization with governmental bodies, a proprietorship firm can prove its existence through other business registrations such as GST registration, shop, and establishment registration, MSME registration, and professional tax registration, etc. Moreover, as the owner and the business is a single entity all the assets of the owner are liable in case of bankruptcy or financial losses, and the business collapse if the only owner dies. Also, since there is a single owner, the taxation holds on their individual income only.
FilingBuzz is the fastest growing Company registration services in India Providing the Pvt. Ltd. /LLP/Public Ltd company/one person company registration etc.
Here’s how it works
1. Fill Form
Simply fill the above form
to get started.
2. Call to discuss
Our expert will connect with you
& prepare documents.
3. Get certificate
Get your firm
certificate
Benefits of Proprietorship Firm Registration
By registering the Sole Proprietorship Firm, You can avail numerous benefits which include
Easy to set up and wind up
With no minimum capital requirement, one can set up a proprietorship business with minimal investment and also wind up the business any time without worrying about getting any the consent from any external entity.
No restrictions for a business name
As in the case of all other business organizations where they ought to follow certain guidelines for naming their business, there is no need to reserve your name or register it for proprietorship purposes. One can name their business as per their choices with no compulsory extension followed.
Tax benefits
Such owners are not required to conduct annual file requisition or audits and prepare tax reports. Their business is taxed at the rates applied to their personal income. Hence, saving additional cost on tax filling.
Decision making
Single ownership means fewer complications. The owner holds entire control over their business in such firms along with all the power of decision-making.
Confidentiality
A sole proprietorship firm does not owe to share their databases with a government organization, unlike public limited or private limited companies where they need to publish their details on the MCA website as it does not need to register themselves with any government bodies like the Ministry of Corporate Affairs to exist and function.
Employment
Proprietorship firm owners can hire employees thereby getting to enjoy even more benefits like tax breaks for job creation. Moreover, it becomes easier to run such an organization.
Documents required for Proprietorship Firm Registration
Firm Name
Aadhaar Card
Electricity / Telephone Bill
Email id
Mobile number
Rent Agrement
PAN Card (Proprietor)
Top Five Services or Products name
Proprietor Photo and NOC
Let’s clear all the doubts!
Manufacturer and Service provider can apply for MSME or Udyog aadhaar or Udyam registration whether it’s a proprietorship firm or private limited company.
Yes, Aadhaar number of business owner is mandatory for applying Msme / SSI / Udyog Aadhaar Application.
- If Firm is Proprietorship Firm then required Proprietor Aadhaar Card.
- If Partnership Firm then required any one Partner Aadhaar Card.
- If Private Limited Company then required any one Director Aadhaar Card
No, only manufacture and service provider get Msme / Udyog Aadhaar / SSI certificate.
NO, Msme / SSI and Udyog Aadhaar registration is same there is a only difference of name.
Msme stands for MICRO, SMALL & MEDIUM ENTERPRISES, hence any loan which is given to MICRO, SMALL & MEDIUM category business or enterprises known as MSME loan.
Msme Registration is not legally mandatory but as we say it provides lots of benefits through State and Central Government and also it helps to getting bank loans.
Yes, Any Service category business can register their firm or company under MSME.
If we have MSME Certificate of our business then we can avail 50% concession of government fees at the time of Trademark Registration.
There are 3 types of Msme criteria are given below:
- Micro Enterprises
- Small Enterprises
- Medium Enterprises
Anyone who running manufacturing or service category business and having a valid Aadhaar Number is eligible for applying for Msme / SSI / Udyog Aadhaar Registration.
Startup
Economy
Business
5,999 00 ₹
4 Working Days - MSME Certificate
- GST Certificate
- ISO Certification 9001:2015
- Current Bank Account Open
- X
- X
Corporation
14,999 00 ₹
4 Working Days - MSME Certificate
- GST Certificate
- ISO Certification 9001:2015
- Trademark Registration
- Current Bank Account Open
- Website, Domain, Hosting, and Email Id’s