PROPRIETORSHIP
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PROPRIETORSHIP FOR BUSINESS GROWTH
Single Entrepreneur must Register in Proprietorship.
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WHY PROPRIETORSHIP
A sole proprietorship is a type of unregistered business entity that is owned, managed and controlled by one person. Sole proprietorship is one of the most common forms of business in India, used by most micro and small businesses operating in the unorganized sectors. Proprietorship is very easy to start and have very minimum regulatory compliance requirement for starting and operating. However, after the startup phase, proprietorship's do not offer the promoter as a host of benefits such as limited liability proprietorship, corporate status, separate legal entity, independent existence, transfer-ability, perpetual existence - which are desirable features for any business. Therefore, proprietorship registration is suited only for unorganized, small businesses that will remain small and/or have a limited period of existence.
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There is no mechanism provided by the Government of India for the registration of a Proprietorship. Therefore, the existence of a proprietorship must be established through tax registrations and other business registrations that a business is required to have as per the rules and regulations. For instance, VAT and Service Tax or G.S.T Registration can be obtained in the name of the Proprietor to establish that the Proprietor is operating a business as a sole proprietorship. Thus, all the registrations for a proprietorship would be in the name of the Proprietor, making the Proprietor personally liable for all the liabilities of the Proprietorship.
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M-Stake India is the market leader in company registration services in India, offering a variety of company registration like private limited company registration, one person company registration, Section 8 Company Registration , Producer Company Registration and Indian Subsidiary registration. The average time taken to complete a proprietorship registration is 5- 8 working days, subject to government processing time and client document submission. Get a free consultation for proprietorship registration and business setup in India by scheduling an appointment with an India Filings Advisory.
Advantages of a Proprietorship
A sole proprietorship business does not have any specific registration requirements and the proprietor’s legal identity is used by the business. Hence, a proprietorship can be started without any registration. Using the PAN and Aadhaar of the promoter, Trademark and Udyog adhaar can be obtained optionally to create and protect the identity of the business.
EASY TO ESTABLISH
As a single person is at the helm of affairs, it is easier to operate as the particular person will be the sole decision maker and he need not consider a plethora of opinions. There is no concept of a board meeting or approval from other persons in a proprietorship firm.
EASIER TO OPERATE
SOLE BENEFICIARY OF PROFITS
No other business, other than that of a sole proprietorship and one person company, entitles the owner as the sole beneficiary of profits. In all other types of an entity like a partnership, LLP or company, a minimum of atleast two persons are involved.
Since a proprietorship firm is not registered with any Government authority like the Ministry of Corporate Affairs, the compliance requirements are minimal. Further, the proprietor would only have to file income tax returns if the firm has taxable income of more than Rs.2.5 lakhs per annum. In case of proprietors who have attained the age of 60 years or more during the previous year, income tax filing would be required only if the taxable income is more than Rs 3,00,000.