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Updated on 4 Apr 2020 9.00 AM IST | 4 min read
What is Sole Proprietorship Business?
A business owned & managed by one person is known as Sole proprietorship business. It is one of the most popular businesses specifically started by small traders & merchants. Registration is not necessary in the case of sole proprietorship except GST registration. In sole proprietorship firm, all the profits & losses are handled by one person only i.e. the owner of the sole proprietorship firm. Therefore, it has unlimited liability. Sole proprietorship firm does not benefited with the feature of perpetual existence and has a minimal tax advantage.
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Documents Required for Sole Proprietorship Registration in India
The documents required for sole proprietorship registration in India are as follows –
- Aadhaar card
- PAN card
- Proof of registered office
- Bank account
In order to run sole-proprietorship business smoothly, sole proprietor needs to obtain few registrations which are as follows –
- Registration as small medium enterprise under MSME act (Not compulsory)
- Shop and establishment act license (Not compulsory)
- GST registration (Mandatory)
Advantages of Sole Proprietorship Firm
The three important benefits of sole proprietorship are as follows –
How Finacbooks help with Sole Proprietorship Firm Registration in India?
Finacbooks is a leading Indian portal providing accounting, finance & taxation services to small businesses. We arehaving more than 10 years of experience helping individuals registering as sole proprietors and filing their annual tax returns at a least possible price. We will guide you through the entire process of Sole proprietorship registration. To avail the best deals on Sole proprietorship, kindly call us at 8800221252 or you can also e-mail us at firstname.lastname@example.org