Are you considering starting a small to medium-sized business where you will be the sole owner of the company and its operations? A proprietorship business might be the option for you. A sole proprietorship is the oldest form of business in the world, and it’s also one of the most hassle-free ways to run your business.
As a sole proprietor, the business will be registered under your name, and you and your company will be considered a single entity for tax purposes.
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A sole proprietorship business is owned and managed by a single person. It’s one of the simplest and budget-friendly ways to run a business where you do not need to register your business with the government, and there is no minimum capital investment required. However, depending on the nature of your business you may need to apply for separate business licenses.
As a sole proprietor, the business will be registered under your name, and you and your company will be considered a single entity for tax purposes. What this means is when you file your income tax you won’t file income tax separately for your company but will report your business income or loss under your individual income.
A sole proprietorship is suitable for several individuals including, consultants, freelancers, small service-based businesses, small product-based businesses, independent contractors and many more.
It's relatively simple to create a sole proprietorship firm in India. The setting up cost is nominal, and there is not much paperwork required. The key steps include acquiring a local business license and choosing a business name. A GST registration might be required depending on the nature of our business.
1. First page of Passbook,
2. Bank Statement,
3. Cancelled Cheque
(In case of no/expired agreement)