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Sole Proprietorship Registration in India – Procedure & Advantages
A Sole Proprietorship form of business organisation is where a business is managed by a single person. Generally, it does not require any registration as such. Any individual who wants to start a business with less investment can choose this type of business form.
The control of the business is solely in the hands of the single proprietor/owner. A single person who wants to start a business from home or on a premise with a minimum amount can opt for this form of business type.
The investment for the sole proprietorship business will be done by the single proprietor. He bears all the losses of the business and enjoys all the profits. He controls the business as well as manages it. He can appoint persons for conducting the business, but the ownership will rest solely with him.
Many local businesses such as grocery stores, parlours, boutiques, retail stores, etc., can be established as a sole proprietorship firm. Even small traders and manufacturers can establish a sole proprietorship firm.
Who can opt for Sole Proprietorship?
Any person who wants to start a business with less investment can opt for this type of business form. It can be started in a time span of 10-15 days. Also, the control in the business is solely in your hands.
Advantages of Sole Proprietorship
The sole proprietorship business can be started easily by just one person. There is minimum compliance that is required to be adhered to get it incorporated. This form of business is economical as it is relatively less expensive to start than a company or LLP.
Control of the business
The sole proprietor will have complete control over the business. He will look after all the aspects of the business. Since only one person is running the business, secrecy can be maintained.
Quick decision making
The sole proprietor takes all decisions of the business. The decision making rests with a single person. Thus, the decisions can be taken quickly and immediately without the need for consulting anyone.
Disadvantages of Sole Proprietorship
There is an unlimited liability on the sole proprietor. He is personally liable for all the transactions he enters in the business. If any loss occurs, he will have to bear the whole loss out of his personal estate.
No perpetual succession
There is no perpetual succession which means it can come to an end if something happens to the sole person taking care of the business. It can shut down at any time. This makes the business unreliable and difficult to gain public trust for entering into agreements or contracts to expand the business.
Difficult to raise funds
Since a single person manages the business, it is not easy to raise capital. The capital of the business is from the investments put in by the sole proprietor. The sole proprietorship firm has no separate legal entity status from the owner. As it can come to an end at any time and there is no separate entity, it is difficult to obtain funds from third parties.
Registration Procedure Of Private Limited Company
Procedure for Establishing Sole Proprietorship Business in India
The Section Below Reflects The List Of Mandatory Documents That Is Required For Establishing A Sole Proprietorship Business.
Step 1: Obtain Aadhar Card
Aadhar number is a must-have requirement for legalizing any business in India. Also, an IT return can only be filed if the taxpayer has synced his/her PAN card with PAN. The applicant can approach the nearest Aadhar, Seva Kendra or E-Mitra to secure the Aadhar number in a legit way.
Step 2: Apply for PAN Card
You cannot file an IT return in the absence of a PAN. There is a dedicated government portal that enables a person to apply for PAN at a nominal fee. The standard documents required to apply for PAN includes applicant photograph, ID proof, & address proof.
The online submission of the PAN application can be made after validating it via Aadhar e-KYC. After this, it is scrutinized at NSDL for verification. Post successful verification, the authority grants the PAN number to the applicant within a week. The hard copy of the same is routed to the registered address within 15-20 days.
Step 3: Open the Bank Account in the name of Business
Once you have secured the PAN and Aadhar Number, you can approach any designated bank opening a current account. Common documents required for serving this purpose include PAN, Aadhar Number, GST registration, and address and identification proof.
Note: the applicant can furnish the copy NOC or rent agreement for address proof. Likewise, they can also facilitate utility bills to serve such a purpose.
Step 4: Register under GST
GST registration applies to all forms of business whose annual turnover is above the prescribed threshold limit. At present, businesses whose yearly turnover is greater than Rs 40 lakh are mandated to secure this registration. Keep in mind that GST also covers online business owners.
Documents Required For Sole Proprietorship Registration
PAN Card of shareholders and Directors.
Foreign nationals must provide a valid passport.
Latest Passport size photograph of Shareholders and Directors.
Aadhar card and Voter ID/ Passport/ Driving License of Shareholders and Directors.
Sole Proprietor's Bank Account
Bank Statement of Sole Proprietor.
Business Address Proof
Latest Electricity Bill/ Telephone Bill of the registered office address
In case of NRI or Foreign National, documents of director (s) must be notarized or apostilled