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Aadhar Card, Aadhar number is now a necessity for applying for any registration in India.
Income tax return can only be filed if the person has linked his PAN card with Aadhar number.
Address proof will be required for all directors and shareholders of the company to be incorporated.
For Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be mandatorily submitted.
Residence proof documents like bank statement or electricity bill should not be more than 2 months old.
All documents submitted must be valid.
Register office of all companies must be in India .If it is a Rented Property, Rent agreement and NOC from a landlord. If it is a Self-owned Property, Electricity bill or any other address proof.
Documents submitted must be valid and not more than 2 month old.
You can easily register a proprietorship online through my legal route.
To register a proprietorship, only the PAN & Aadhaar card of the business owner is required. We can help you obtain the following registrations in less than 15 days:
A proprietorship is not a separate business entity. Hence, there is no procedure to obtain proprietorship PAN card. The PAN card of the business owner is used for the proprietorship.
GST registration for a proprietorship will be obtained by my legal route as a part of the service. The following documents are required for GST registration:
Udyam Registration can be obtained online to avail various benefits available for small and medium sized businesses. Once the GST registration is obtained, the my legal route team would help obtain UDYAM registration by submitting Aadhaar card, PAN card and GST certificate to Government.
The bank current account for a proprietorship will be opened in the name of the business owner using his/her PAN. The business owner will have to submit proof for doing business. Any two of the following documents can be submitted to create a current account instead of savings account in the name of proprietorship:
From state to state, the process for acquiring a Shop and Establishment registration certificate changes. It is available both online and offline. In most states, Shop and Establishment Act registration can be obtained within 2-4 weeks.
Timelines for Sole Proprietorship Registration
A sole proprietorship can normally be registered in India through my legal route in less than 14 days. However, the timelines for registration will vary from case to case depending on the government and bank processing timelines.
A proprietorship can undertake any type of business activity that an Indian person can undertake across most sectors and industries. However, there are some activities like banking, insurance, financial services, lending, telecommunication that require specialized approval. In such cases, a company is mandatorily required to obtain various approvals from the Government. Hence, proprietorship business structure only works for business activities that are small scale in nature.
The following are some of the compliances that are applicable for a sole proprietorship:
The business owner of a proprietorship will have to file personal income tax return using form ITR-3 or ITR-4.
Only income tax forms ITR-3 and ITR-4 allow for declaring business income. Hence, all proprietorships will have to file form ITR-3 or ITR-4 to be compliant with the income tax regulations.
If a proprietorship has GST registration, GST return must be filed every month and quarter as per the scheme under which the business is registered.
In case the proprietorship is having employees or purchasing goods/services beyond a certain threshold - tax must be deducted at source and TDS returns must be filed every quarter. In addition to the above, various other compliance requirements maybe applicable to the proprietorship based on industry and location.
A sole proprietorship qualifies as a company, but it only has one owner and isn’t required to register with state enemies. Beginning a sole proprietorship is extremely simple and doesn’t require a formal filing or paperwork process. All you have to do is simply go into business. Though as a sole proprietor you are exempt from tedious paperwork, you must still acquire the standard set of permits and licenses of your industry. If you seed the term DBA, it stands for “doing business as” and is frequently used to indicate the existence of a sole proprietorship.
Unlike corporations, sole proprietorships are not treated separately by the IRS. This means that any profit derived from your sole proprietorship is treated as your personal income and is accounted for on your individual tax return. Any such income is taxed to you in the year it was received.
Yes. Unlike other forms of incorporation, you are personally liable for any of your sole proprietorship's debts or legal judgments against your business. This means that in order to satisfy debts owed by your business, debt collectors can come after your personal assets -- homes, cars, etc. For this reason alone, you should be extremely cautious about setting up a sole proprietorship.
Not necessarily. But every business is unique and there may be circumstances where a partnership, LLC, or some other kind of business structure is a better fit. You also may want to get more insight into the specific liabilities your sole proprietorship may face. Learn more by contacting a business organizations lawyer licensed to practice in your state.
You’ve probably heard of limited liability corporations (LLCs), limited liability partnerships (LLPs) and corporations. Sole proprietorships are business just like these companies, but they vary in a few key ways:
