Proprietorship

Sole Proprietorship or Sole Trade in India

Proprietorship, the most favoured unregistered business organization run by an individual. It is always recommended for the small-scale businesses working in the unorganized sector in registering Proprietorship.

Sole Proprietorship offers the simplest and easiest way of hosting the function under minimal statutory requirements. Entrepreneurs running their businesses, keeping a low profile or with a few customers.

Sole Proprietor

One who owns the Sole Proprietorship is known to be the proprietor. Here the Proprietorship and proprietor share the same legal body and are not an MNC.

For completing the registration and license the core procedure is to obtain the PAN and other documents of the proprietor, which makes them personally responsible for any accountabilities in the business organization.

To start Proprietorship in India

In India, a venture is completely free from amenities and records while filing a Proprietorship. The state/central government made it mandatory on having a business license. Registering for Trademark lets your firm enjoy its uniqueness in identity.

How License Centre makes it practical

Our Executive Assistance will guide you in the process of registration on sole proprietorship, service tax, sales tax, professional tax, import/export code giving you the professional touchstone, which doesn’t require you to put much effort into the same. We help you in registering a sole proprietorship in 5-15 working days.

Why Proprietorship Registration?

1. While registering for a Proprietorship, the organization enjoys complete authority on decision making. Here a single person is responsible/the owner of the institution.
2. Starting a proprietorship there requires no registration, thus it can be formed easily and the firm can receive payment from its client.
3. It is owned and managed by a sole proprietor; the firm requires no further consent most of the time.
4. The discontinuation of a single person doesn’t affect the whole institution and its function.
5. In India, for the Proprietorship, a low investment is made. Any business start-up with low funding can choose this registration.
6. Here, the financial statements are made open to the public.

Why not?

1. Proprietorship firm runs with no Limited Liability Protection; thus, the owner is responsible for the debt/loss of the company.
2. Once the registration is done, the entity cannot be transferred to another hand.
3. As the registration is held with the owner or proprietor, the law says his existence will mark the existence of the firm too.
4. Proprietorship registered firms cannot raise funds from an outsource, even the bank has a limit in lending money to these firms.