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Proprietorship Formation

Start your business instantly with minimal compliances Starting At ₹ 1999/- (Onwards) + GST

It just Takes 3 to 10 business days (subject to Government processing time). No Hidden Cost

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Process for registering your Proprietorship?

While registering a sole proprietorship, an individual PAN card is used as an identity proof. Thereafter, the following applications are made:

  • Apply for PAN, if not already available
  • Apply for GST Registration*
  • Apply for Registering under MSME Act (Udyam)

*GST Registration is required if annual turnover is more than Rs. 20/40 lakhs. Also, if you are doing online business (selling through amazon, Swiggy etc.), you are required to get a GST number.

Documents required

  • PAN Card of Proprietor
  • Aadhaar Card of Proprietor
  • Photograph of Proprietor
  • Address proof of business
    1. Own office- Copy of Latest Electricity Bill/ Municipal Khata Copy/ Latest Property Tax Receipt / Property Documents (Any 1)
    2. Rented office- Rent agreement and Copy of Latest Electricity Bill/ Municipal Khata Copy/ Latest Property Tax Receipt / Property Documents (Any 1)
    3. Consented office- No objection certificate (NOC) from the owner (Format will be provided by us) and Copy of Latest Electricity Bill/ Municipal Khata Copy/ Latest Property Tax Receipt / Property Documents (Any 1)
  • Bank details

Advantages of a Sole Proprietorship

A sole proprietorship offers several advantages over other forms of business.

  1. Easy and inexpensive process
    The establishment of a sole proprietorship is generally an easy and inexpensive process. A person can start a sole proprietorship in his own name and using his PAN as identification for the business. In addition, sole proprietor can take registrations under GST or MSME Act which would then act as identification for the sole proprietorship in addition to the owner’s PAN. All these registrations are comparatively cheaper than any other form of business.
  2. Few government regulations
    Sole proprietorships adhere to a few regulatory requirements. Most of the regulations like Companies Act or LLP Act only apply to corporate form of business and not a sole proprietor. The only mandatory requirement is case of smaller business is filing of annual income tax return and GST returns.

Disadvantages

The potential disadvantages of sole proprietorship include the following:

Checklist /Minimum requirement for Private Limited Company Incorporation

Why Meraprofit?

We are a technology-driven platform, offering services that cover the legal needs of startups and established businesses. We offer a wide range of services to individuals, such as property agreements and tax filings.