Sole Proprietor Online Registration

 

Overview

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The sole proprietorship is not a legal entity rather it just refers to a sole person who owns the business and is personally liable for its debts. This is one of the most popular forms of business structure for micro and small businesses operating in the unorganized sectors due to its simplicity, ease information and nominal cost.

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However, sole proprietorship is generally not suitable for the medium scaled and large scale businesses due to the array of disadvantages like unlimited liability, no separate legal entity, non-transferability and limited life of the business.

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According to the current rules and regulation there is no prescribed mechanism for the registration of sole proprietorship firm. Thus, the registration of a proprietorship can only be recognized through tax registrations and other business registrations that the business is required to have as per the rules and regulations.

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What are the benefits of choosing the sole proprietorship firm?

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• 1. It is easy to incorporate.

• 2. Less expensive than OPC.

• 3. There are no after incorporation compliances

• 4. For calculating tax they considered as an individual entity.

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What are the documents required for starting the sole proprietorship firm?

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• • Copy of PAN Card

• • Identity Proof (Voter Card, Passport, Driving Licence)

• • Address Proof (Bank Statement, Mobile bill, Telephone bill)

• • 1 Passport Size Photo.

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