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SOLE PROPRIETORSHIP REGISTRATION IN INDIA

There is nothing as registering the proprietorship firm on paper, you can easily register through Beta online and get the benefits. Soleproprietorship is as same as single person firm registration. There are no such formalities for registration of sole proprietorship in India.

Its liability has no limits and it doesnot have a perpetual establishment.  This kind of business may take 15 days to incorporate and it is the most like business model inIndia.  Thecompany is owned and managed by a single person and if he alone takes decisions, then it is called as a sole proprietorship company.

It is the most preferred type of business in India as there are no complications as the owner is fully responsible for clearance of debts and loans of the business. There is no legal difference between the business and the owner. Hencethe sole proprietorship firm is the most popular form of business in India.  At a very normal cost, you can simply start the sole proprietorship firm.

The businesses such as sole proprietorship and their example for this are provision shops, medical stores, and chemist.It is the most simplified way of doing business in India.  The whole decisions are controlled by the individual called owner. It is neither considered as a corporation nor as a company.

All the entrepreneurs believe that the individual sole proprietorship are considered as a separate business entity and have incorporated their business like that.  Therights and responsibilities of the business when started by the individual who has started his own business are completely entitled to him.  The profit is considered as an income from the sole proprietorship gained and considered as the income of the owner of the business and the profit and losses are believed as a loss and profit of the owner.

Beta helps you to start a sole proprietorship very easily by opening a bank account in the name of the entity.  This online process is done with the guidance from the expert like Beta.

BENEFITS OF REGISTRATION OF SOLE PROPRIETORSHIP

All kinds of business model have their own benefits and advantages.  Thefollowing are the benefits of sole proprietorship:

Investment from the individual

An individual who wants to start a own sole proprietorship has to invest money and his assets and should borrow from financial institutions like lending loan, bank loan etc.

No Sharing of Profit or Loss:

The individual cannot share his profits and losses with anyone and all the income gained or the loss or debt from sole proprietorship is attracted by the owner of the legal entity.

Ownership:

The person who has the complete responsibility of the entire business is the owner of the firm.  At later stages, he can transfer his responsibilities to other individual through a will or as his last testament.

Formalities are Less

It is very easy to start the sole proprietorship company and it has very less formalities, rules and regulationsbefore and after the registration process.

Liabilities are Unlimited

As far as the liabilities are concerned, the personal asset of the owner can be used to repay all the debts and loses and loans incurred from the business of the owner.  Itsometimes happens to be a flaw as the business and the owner doesnot have a separate identity.

Controlling Power

The owner has to use all his intelligence, experience and expertise and hard work to run the business activities as the whole controlling power is in the hands of the single person or the owner, and he need not answer anyone.

REASON BEHIND STARTING A SOLE PROPRIETORSHIP FIRM IN OUR COUNTRY

A sole proprietorship firm in India is one of the best business structures for entrepreneurs who wish to start a business and like to do everything on their own for their business. Here are the important factors to know why one should choose a Sole Proprietorship firm:

·         The sole proprietorship has a lot to offer to young entrepreneurs who wish to take sole decision in their business and do everything on their own; this model is the best structure for them.

·         Thisis the oldest and easiest form of doing business, which allows all flexibilities for the smooth running of the business.

·         One hand control.

·         It is very easy to start and end.

·         The compliances are limited, so it is a problem free business for the young entrepreneurs to start.

·         He is the boss of the business and it means that he is not liable to answer any member or shareholder or the director of the firm.

·         Accountability to himself.

·         Hehas the right and power for all decision making.

·         Since there is no sharing, all the income and profits are all yours.

·         Asthere are no members, there is no discomfort, disturbance, or conflicts.

PROCESS OF REGISTRATION OF SOLE PROPRIETORSHIP FIRM IN INDIA

There are options for the online registration of sole proprietorship firm and he can choose any of the given below options:

·         Process of registration of SME.

·         Processof GST registration.

·         Registration as per the Shop and Establishment Act under the rules and regulations of that particular state.

·         Registration will be done as per the rules and registrations setby his state and as per the Shop And Establishment Act.

SME REGISTRATION PROCESS FOR SOLE PROPRIETORSHIP FIRM

As per the MSME Act, the government has introduced many attractive schemes for improvisation of SMES registered in India.  As per the provisions of MSME Act, any individual who wants to register as a SME (small and medium scale enterprise),needs to complete the process by submitting an online application and it is compulsory andthis process is very important that the applicant can avail a bank loan if needed.

SHOP AND ESTABLISHMENT REGISTRATION

According to the rule,a person who wants to register in the Shop and Establishment registration, he must own a shop and it is issued by the municipal parties depending on the number of workers or employees of the firm.

POST COMPLIANCES

·         Income tax returns should be filed every financial year before the due date.

·         Ifit is under GST registration, GST has to be filed for the business.

·         The proprietor is liable for tax returns and he should deduct TDS(tax deducted at source)from the workers’income and file for TDS returns.