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What Is Sole Proprietorship?

Sole proprietorship is a form of business entity managed by a single owner who is personally liable for the profits & losses of the company. It is the simplest form of business entity with minimal compliance requirements. There is no as such registration required for sole proprietorship as anyone can easily start this business with no formalities and few compliance requirements. In case you are not having enough cash in your hands but you still want to start your own proprietary firm or proprietary company, you can easily go with this option. This form of business entity is especially popular among small traders and merchants. Liability for this form of business entity is unlimited and doesn’t have perpetual existence.

Why Sole Proprietorship is Popular in India?

    Sole proprietorship is a popular form of business now days and many business entrepreneurs prefer them over other forms of business because of the following reasons –

    • Sole proprietorship is one of the oldest and simplest business structures that a business owner can handle single handedly.
    • Simple business form to start with and close.
    • Flexibility in carrying out business activities.
    • Very economical as compared to other forms of business entity.
    • It has minimal compliance requirements.
    • You are the only decision maker – Not answerable to anybody and independent to give instructions and orders.
    • No tension of sharing income & profits with anyone.
    • Only you are responsible for the profits you earn and losses you incurred.

Legal Entity Proof for the Sole Proprietorship Registration in India

    Option 1 – MSME Registration Certificate + Chartered Accountant Business Certification

     

    If you prefer this option, Both MSME certificate and business certification by a chartered accountant is required in case of sole proprietorship registration. Sole proprietorship is considered as authenticated legal entity with the presence of both these documents. It is applicable, if you meet both the conditions mentioned below –

    • When the business operations are preferred within state only (Ex – Delhi to Delhi).
    • When the business sale is less than Rs.20 Lakh or within state expected turnover.

    Option 2 – GST Registration Certificate

     

    One of the legal entity proofs for sole proprietorship in India is GST registration that confirmssole proprietor as a registered GST tax payer. It is applicable, if you meet any of the conditions mentioned below –

    • When the business operations are performed interstate (For ex – Punjab to Delhi). It is applicable on both inter-state sale of products or services.
    • E-commerce or internet based business.
    • Trader/Retailer/Aggregator/Manufacturer – You are among any of them.
    • If you are having turnover of Rs.20 Lakh within a state.

    Now, it’s upon you that which option you want to choose between these two to register your proprietorship firm.

Procedure

Fill Out Registration Form

You have to fill up our easy-to-use business registration form and submit the required documents to register your business.

Obtain Dsc And Dpin

After issuing your documents, we provide you with Designated Partner Identification Number and a Digital Signature Certificate.

Verification And Name Approval

Your all details will be verified. Subsequently we move ahead with the name approval.

Document Submission

All the essential papers are created by us and then filed with ROC on your behalf.

Your Work Is Done!

When your organization is registered, we hand over all the files and DSCs.

NGO REGISTRATION FAQs

As per law, No minimum amount of capital is specified in order to start sole proprietorship firm like a private company. You can start your sole proprietorship firm with any amount you like as it is not required to show on paper.
Yes, it is possible to convert a proprietorship firm into private limited company, partnership or an LLP. This process is little bit complex but it is still possible.
A proprietorship business cannot be transferred to another person unlike private limited company or an LLP. You can transfer the assets of proprietary firm to another person by sale but intangible assets like registrations; government approvals etc. cannot be transferred.
Any individual with current account in the name of his business can start a sole proprietorship firm. In order to open a bank account, Shops & Establishment registration is required by bank.
Any individual can start a sole proprietorship business within 15 days. It is specifically started by small traders & merchants because of its cheap cost.
Yes, you can apply for sole proprietorship registration online with Finacbooks.
Yes, you can convert sole proprietorship firm into private limited company or partnership firm. The procedure is bit long but it is possible. Many sole proprietors convert their proprietorship firm into partnership firm or a private limited company at a later stage.

What Clients Say

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Pravin Chauhan

“CyberFlax.com is a perfect example of a great customer service dealing with the best of accountancy services.“

Pravin Chauhan

“CyberFlax.com is a perfect example of a great customer service dealing with the best of accountancy services.“

Pravin Chauhan

“CyberFlax.com is a perfect example of a great customer service dealing with the best of accountancy services.“

Sole Proprietorship