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Sole Proprietorship

ValueTax- Take your business beyond the four walls

Ideal For Professionals Small Traders

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Overview
Packages
Why Proprietorship?
Steps
Documents Required
Comparison

Overview

  • Single Ownership: This is the only form of business entity that can be promoted by a single individual.
  • Management And Control: Control of the business is in the hand of single owner, therefore it’s easy to run the business
  • Easy Formation: Any sole proprietorship is simple to begin. One needs to simply have a GST Registration in place. The sole proprietorship business can be set up in 7 days with the help of a PAN card for identity and proof of address.
  • Minimum Compliance: Sole Proprietorships have minimum compliance as this firm is identified by its government and tax registrations.
  • Economical: When compared to an OPC or One Person Company, a Sole Proprietorship is economical due to its minimum compliance requisites. It works out much cheaper because one would not need to hire an auditor. One of the main reasons why small merchants and traders choose it.
  • No corporate tax liability: As per the direct tax laws of India, the sole proprietary entities are not liable to pay flat corporate profit tax, unlike other business forms.

Packages

Choose the package that suits you and let us know.

Why Sole Proprietorship?

If you have limited funds and resources, still you aspire to be an entrepreneur, Sole Proprietorship is the right choice for you reason being it’s the easiest for of business to start with lesser tax and government compliances. Read More On Our Blog.

Talk to a CA to know more!

Steps Involved

Step 1: Business registration consultation

Step 2: Online Sole Proprietorship Registration

Step 3: Apply for TAN

Step 4: Incorporation

Required Documents for Sole Proprietorship

In regard to Sole Proprietorship, following documents are needed:

Aadhar Card

PAN Card

Bank Account

Registered office proof

Time taken-

7 working days

COMPARISON
Type Ideal For Minimum No. Of Members Tax Statutory Compliance Time Taken
Private Limited Company Startup and Small Entities 2 Directors 25 High 2 Weeks
Limited Liability Partnership Professionals 2 partners 30 Moderate 2 Weeks
Partnership Firm 2 Partners 2 Partners 30 Low 2 Weeks
One Person Company Sole Promoter 1 Director 30 High 2 Weeks
Sole Proprietorship Individual Individual 10-30 Low 1 Week