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A business when is owned by a single owner is said to be sole Proprietorship. The business is owned, manages and also controlled a single owner. The owner will be responsible for any losses or debts for the business. This is one of the most preferred forms of business for small scale business. This business structures are simple and takes a very less cost. The large scale or the medium scaled business do not usually o for the sole proprietorship as it can face a lot of disadvantages like unlimited liability, non-transferable. The limited life of business that is it does not have a long term goal in the market.
Tax re registrations are the only way by which sole proprietorship can be recognised which includes GST registration in the name of the Proprietor. As the Government of India has not prescribes an authorised way to recognise the sole proprietorship, GST and Tax filling is the only way to get its recognition as a single person Business operator. Kanoonwala does the legal consultancy for the people who want to be the king of his own business with their incomparable assistance of the specialised team.
First Step: Making of the basic documents and Information 1-2 days
Second Step: Drafting of the application 3-4 days
Third Step: Reviewing of the work done and changes if needed 5-6 days
QusWhat criteria are to be fulfilled for the Sole Proprietorship?
AnsYou need to be an Indian Citizen to open your own Business. There should be a current account with the name of your Business.
QusWhat is the total time needed for opening the Sole Proprietorship?
AnsIt does not take much of time to register for Sole Proprietorship. The maximum time needed is 15 days.
QusWhat are the Tax Provisions for the Sole Proprietorship?
AnsThe owner of the Sole Proprietorship will be considered under the Indian Tax Law. The tax provisions are just similar to the tax provisions the individual.
QusWhat kind of business comes under the Sole Proprietorship?
AnsThis is basically for the small scale business.
QusWhat are the benefits of Sole Proprietorship?
AnsThe benefits of the Sole Proprietorship are that it is very easy to handle and it costs less investment. A Sole Proprietorship owner enjoys its control on the business.
QusIs it possible to convert the Sole Proprietorship to Private Limited Company?
AnsYes one can convert the Sole Proprietorship to Private Limited Company.