Frequently asked questions

Q.

What is a sole proprietorship?

A.

A sole proprietorship is a company with only one owner and is not registered with the state, unlike a limited liability company (LLC) or corporation. Starting a sole proprietorship requires no paperwork -- all you do to create a sole proprietorship is simply go into business. Although you do not have to file paperwork to set up a sole proprietorship, you do still have to acquire business licenses and permits, just like with any other form of business such as GST registration.

Q.

What is Advantages in the Sole Proprietorship From Startup Point of View?

A.

1. Less Costing - Proprietorship firm can be easily started just by enrolling for GST Registration no.
2. Less Compliance - Just have file the income tax return as individual at the end of year nearby in July and/or GST return is applicable. You have to maintain basic invoices of income and expenses of the firm.
3. Less Income Tax: You have pay income tax to the government when your total real income is more than 2.5 lac INR per annual year. So its give you tax advantages on slab basis available to individuals.

Q.

How are sole proprietorships treated for tax purposes?

A.

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.

5,899.00

Proprietorship Firm Registration

Choose this plan to get your Proprietorship Firm registered along with FREE GST Registration.
Why go for Proprietorship Firm Registration?
  • Provides legal identity to the business
  • Fascilitates opening in current accounts in the name of firm
  • Required for raising cash credit limit/ term loan from the bank
  • FREE GST Registration if required
  • PAN Application
  • Registration under Shop & Establishment Act for goods suppliers or GST for service providers (any one)
  • Advisory on other applicable government registrations
  • Individuals doing business under unregistered firm or without any legal identity
  • Free lancers, service providers
  • Individual Retailers, traders, manufacturers
  • PAN card of the proprietor
  • Address proof of the proprietor
  • Passport size photos of proprietor
  • Personal monthly bank statements
  • No objection certificate from the owner
  • Ownership proof
  • Rent agreement of your registered office
  • Any other document as required
Plan Charges4999
Goods & Services Tax (GST)900
Total Cost5899


* Estimate Time for Service Completion
10-12 Days

Q.

What is a sole proprietorship?

A.

A sole proprietorship is a company with only one owner and is not registered with the state, unlike a limited liability company (LLC) or corporation. Starting a sole proprietorship requires no paperwork -- all you do to create a sole proprietorship is simply go into business. Although you do not have to file paperwork to set up a sole proprietorship, you do still have to acquire business licenses and permits, just like with any other form of business such as GST registration.

Q.

What is Advantages in the Sole Proprietorship From Startup Point of View?

A.

1. Less Costing - Proprietorship firm can be easily started just by enrolling for GST Registration no.
2. Less Compliance - Just have file the income tax return as individual at the end of year nearby in July and/or GST return is applicable. You have to maintain basic invoices of income and expenses of the firm.
3. Less Income Tax: You have pay income tax to the government when your total real income is more than 2.5 lac INR per annual year. So its give you tax advantages on slab basis available to individuals.

Q.

How are sole proprietorships treated for tax purposes?

A.

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.

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