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Easily get started with Sole Proprietorship
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Sole Proprietorship

A business which is owned, managed and controlled by one individual is a Proprietorship Business. It is one of the most common forms of business in India, used by very small businesses. Proprietorship is very easy to start and they have minimal regulatory compliance requirements for getting started. Even though it is very easy to start it has many shortcomings like unlimited liability of proprietor, no continued existence, no recognition, which are desirable features for any business. Therefore, proprietorship's are suited for unorganised, small businesses that will have a limited existence.

There is no mechanism provided by the Government of India for the registration or incorporation of a Proprietorship. Therefore, the existence of a proprietorship is established only by tax registrations and other business registrations that a Proprietorship is required to have as per the rules and regulations. We at Infinity Filings can offer you a wide catalogue of services for setting up your own Proprietorship business.

ADVANTAGES OF PROPRIETORSHIP

Easy to start

A Proprietorship business needs no formal registration. Therefore, it is the easiest to start with virtually zero formalities. However, depending on the quantum and nature of the business, there are a few tax registrations which might be required.

Business Name

A proprietorship is not a registered entity, so it can choose any name which it wants as long as it does not infringe any trademark or copyright. But this does not mean that the name you have shall be unique, any other person can also start a business with the same name.

Taxation

A Proprietorship with less than Rs. 2.5 Lakhs of income is not required to pay any income tax, as Proprietorships are taxed as the individual owing the business. Similarly, there are different limits depending on your location and products you offer for registration under Indirect Tax Laws.

Packages

  • Basic Package
  • ₹899
    per Registration
  • PAN Application
  • TAN Application
  • Basic Consultancy
  • Assistance in Opening Bank Account
  • -
  • Standard Package
  • ₹2999
    per registration
  • PAN Application
  • TAN Application
  • Basic Consultancy
  • Assistance in Opening Bank Account
  • MSME Application

Frequently Asked Questions

A Sole Proprietorship is an entity which has its status same as its owner. It is not different from its owner.

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The business income and profits of a sole proprietorship are not taxed differently like companies. They are taxed in the hand of the individual running the business.

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Legally, a sole proprietorship is inseparable from its owner. As a result, the owner of a sole proprietorship is personally liable for the entire amount of any business related obligations, such as debt or court judgements.

Only one person is required to start a Proprietorship business. It has only one promoter.

No, The proprietor must be an Indian Citizen and a Resident of India.

No, there is no minimum limit for infusing capital in such a business.

Yes, since it is inseparable from the owner.

No, there is no annual audit for a proprietorship business, though a tax audit under the Income Tax Act may be necessary for such a business depending upon the turnover.

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