Frequently asked questions
What is Advantages in the Sole Proprietorship From Startup Point of View?
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.
What is a sole proprietorship?
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.
How are sole proprietorships treated for tax purposes?
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.
Start Your Business as a Sole Proprietorship Firm
Opt for this plan to start your startup as a Sole Proprietorship Firm including other benefits such as GST registration, Return filings such as Income Tax, TDS, GST etc and much more.
- Business Incorporation as a Proprietorship Firm
- GST Registration and return filing for first quarter
- TDS return filing for first quarter
- Payroll management and filing of related taxes such as ESI, PF, TDS, Bonus if applicable for the first quarter.(this doesn’t include obtaining registration of ESI, PF, Bonus, only return filing is provided of the same)
- Advisory on other applicable compliance if any.
- Newly setup business planning to launch their startup idea at low cost and less compliances
- 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 Charges | 9999 |
| Goods & Services Tax (GST) | 1800 |
| Total Cost | 11799 |
* Estimate Time for Service Completion
90 Days
What is Advantages in the Sole Proprietorship From Startup Point of View?
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.
What is a sole proprietorship?
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.
How are sole proprietorships treated for tax purposes?
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.