Proprietorship

Proprietorship

Proprietorship is the most widely used form of business in India and generally found prevalent in unorganized sectors. We at G K B & Associates can help you in getting the registration done at basic package price of ₹ 2,999/-

About

A sole proprietorship is the oldest and the most common form of business in India. This is the easiest and most straightforward type of business to form. It is a one-man organisation where a single individual owns, manages and controls the business. This type of business is very easy to start and have minimal regulatory compliance requirement for starting and usually found in unorganized sectors. However, after the startup phase, proprietorship's do not offer the promoter a host of other benefits such as limited liability, separate legal entity, independent existence, transferability, etc., which are desirable features for any business. Therefore, proprietorship's are usually liked by small businesses which are unorganized and have limited existence.

The Government does not require separate registrations for a Proprietorship and is established by obtaining tax registrations and other business registrations required as per applicable rules and regulations. We at G K B & Associates can help you by obtaining the relevant registrations suiting your business needs.

Advantages

• Ease of formation
• Maximum incentive for work
• Secrecy of business
• Quick decisions and flexibility of operations
• Flexibility to choose names
• Lower taxation rates as Individuals are taxed at incremental slab rates

Timeline

• GST Number - 7-10 Business days subject to Government approval of each state
• MSME Registration - 10-15 Business days subject to Government approval

Documents Required

1. 1. PAN Card of the sole Proprietor.
2. 2. ID Proof and Address Proof of the sole Proprietor as Adhar Card, Driving License or passport etc.
3. 3. Rent Agreement, No Objection Certification or Electricity bills of the property where business wanna registered.
4. 4. If property is owned, then sale deed copy or electricity bill not older than 3 months.
5. 5. Bank Statement copy or cancelled cheque copy.
6. 6. Security Amount / Guarantors is mandated in some state for the TIN Registration, however same is exempt in some states like Delhi, where there isn't any requirement for Security amount or Guarantor.