This is a type of business is owned, managed and controlled by one person used by most of the small businesses working in the disorganized sectors. This business can be registered with any business name, provided its legal. Though it is not required but then it can be recognized as an unorganized business structure under the various sections based on the business set-up and level.
Jan Gst Kendra is India's leading leader in company registration services, giving a variety of company registration like one person company registration, private limited company registration, Section 8 Company, Nidhi Company Registration etc.
The average time taken to complete a proprietorship registration is 2 - 4 working days, subject to management processing conditions and client document submission. Get the assistance of Jan Gst Kendra ‘Tax Experts.
Sole Proprietorships have minimum compliance as this firm is identified by its government and tax registrations. Therefore, the degree of its agreement is confined to the yearly filing of the service, sales or professional taxes.
Any sole proprietorship is simple to begin. One needs to simply have a GST Registration in place. Hence, the procedure is not complicated. Therefore, the sole proprietorship business can be set up in 15 days with the help of a PAN card for identity and proof of address.
When compared to an OPC or One Person Company, a Sole Proprietorship is economical due to its minimum compliance requisites. Even in the long-term perspective, it is still inexpensive. It works out much cheaper because one would not need to hire an auditor. One of the main reasons why small merchants and traders choose it.