A sole proprietorship is the most common and simplest form of business owned, controlled, and managed by a single person. It is having the least number of formalities to be done as compared to other forms of business.
Eligibility/Requirements for registering a Sole Proprietorship Business
· A legal business objective.
· Sole person who will run the business.
Documents required for registration of Sole Proprietorship business.
1. Identity proof which includes documents like Aadhar card, voter ID card, etc.
2. Address proof which includes water bill, electricity bill, or any other utility bill.
3. PAN card property of the sole proprietor.
4. Any license in case the business requires.
Ways to register Sole Proprietorship in India.
1. Register under the Shop and Establishment Act.
2. Get a Udyog Aadhaar under the Ministry of MSME.
3. Get a GST registration.
Process of registration of Sole Proprietorship business
The process of sole proprietorship registration with us requires you to
1. submit documents and fill our form and we will file them to authorities and,
2. we will intimate you about the registration once the authorities approve it.
Advantages of Sole proprietorship business
· No need to file financial statements to any authority.
· Ease of starting a business.
· Can be started with less cost.
· Less legal compliances required.
· Only one person is required to start a business.
· Owners have complete and direct control over all decision making
Disadvantages of sole proprietorship business
· Unlimited liability of the proprietor.
· fewer sources of funds available.
· Becomes difficult to be managed by a single person when business grows at a very fast pace.
· Business continuity ends with the death or departure of the owner
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