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Know What is Sole Proprietorship Firm ? and How it is registered?
A sole proprietorship is a type of business that is owned and operated by a single individual. It is the simplest and most common form of business structure, especially for small businesses and freelancers.Single Ownership: The business is owned and managed by one person. Unlimited Liability: The owner is personally responsible for all debts and liabilities.
To register a sole proprietorship firm, choose a business name, get GST registration (if required), apply for MSME (Udyam) registration, and open a business bank account. Obtain necessary licenses like the Shop & Establishment Act or FSSAI (for food businesses). Maintain tax compliance by filing ITR and GST returns.
Learn the basics about Sole Proprietorship Firm & its compliance
The process of registering a Sole Proprietorship Firm is complicated and involves various compliances. Our experts at legalpanther can simplify the whole registration process for you. Register your Sole Proprietorship Firm online in 3 easy steps:
Step 2:
Provide necessary documents
Step 3:
Get your soleproprietorshipFirm registered in 7-10 working days
See at the benefits of Sole Proprietorship Firm registration in India:
Sole Proprietorship Firm registration process is very simple with Legal Panther. The whole procedure is completely online and one need not visit our office physically to get the soleproprietorshipFirm Registration.
Choose a Business Name . Choosing a unique name is easy, but if operating under a different name, you may need to register a Doing Business As (DBA). It's a quick and cost-effective way to start your business.
Obtain Necessary Licenses and Permits Depending on your business, check local regulations for required permits, such as a business license, tax permits, or professional certifications.
Register for Taxes Get a Goods And Services Tax Identification Number (TIN), or an equivalent, from the tax authorities. If required, register for VAT, sales tax, or payroll taxes.
Open a Business Bank Account Set up a separate business account to manage finances. This often requires proof of your business name and tax ID.
Registering a business name for a sole proprietorship is simple. If using a different name, a Doing Business As (DBA) may be required.
Business License: Obtain a local business license from the municipal authority. GST/VAT Registration: If your business crosses the tax threshold (like GST in India or Sales Tax in the US). Trade License: Required for specific businesses (restaurants, retail, etc.).
Personal PAN (Permanent Account Number): If in India, your business runs under your PAN. TIN/VAT (If applicable): For businesses selling goods. Employer Identification Number (EIN) (USA): If you plan to hire employees.
Open a current business bank account in the firmās name. Maintain proper accounting records. Register for Professional Tax (if applicable).
FSSAI License (for food-related businesses). Import Export Code (IEC) (if dealing with international trade). Trademark Registration (if protecting a brand name/logo).
File income tax returns annually & GST Compliance Monthly ,Quarterly Renew licenses on time. Follow labor laws if you hire employees.It is the some compliences and Renewls
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Plot No. X- 310/1 MIDC Waluj, Second floor S-28 ,beside
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station, More Chowk, Waluj, Aurangabad, Maharashtra 431136,
India
+91 9112-133-746
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