A Sole ownership is a business which is claimed, overseen and constrained by a solitary individual. It is one of the most widely recognized type of business in India, used by independent companies working in the chaotic segments.
Ownership is perceived by different enrollments, for example, a help or deals charge enlistment. It has an excessive number of deficiencies, for example, boundless obligation of owner, and it doesn't have persistent presence. Consequently it is considered by little dealers and brokers as a business structure. Sole Proprietorship Registration is done
A sole Proprietorship is cheaper as compared to OPC.
A proprietorship with income of less than Rs. 2 Lakhs per annum is not required to pay income tax.
Easy to establish with less formalities.
Easy to Start
Audit not required
The Proprietor must be an Indian citizen and a Resident of India.
Proprietorship firms do not have a Certificate of Incorporation.
To open a bank account for a Proprietorship, Reserve Bank of India mandates that the proprietor must provide two forms of registration for the Proprietorship firm along with the PAN Card, identity proof and address proof of the Proprietor. The two forms of registration can be any two of the following: service tax registration, MSME registration, VAT/TIN/CST registration, Shop & Establishment Act registration, Professional license, Chartered Accountant certificate or others as provided in the RBI Know Your Customer norms.
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