Proprietorship Firm

Description

Sole proprietorship are businesses that are owned, managed, and controlled by a single person. 

They are known for having an extremely simple incorporation process, as well as one of the lowest regulatory compliance requirements in the industry. 

• Registration as a sole proprietorship is ideal for both entrepreneurs setting up their companies and small businesses with only a few clients. 
• A benefit of sole proprietorship is recognized by other registrations, such as GST registration and Udyam registration.
• Income tax slabs are same as applicable to individual or HUF being income of business is part of personal Income.
• Easy to Exit
• Best suited for small-size businesses and professionals.

Key Registrations for Proprietorship firm In India

1. PAN (Permanent Account No.)
2. MSME Registration
3. GST Registration
4. TAN Registration
5. IMPORT & Export Code
6. FSSAI Registration
7. Registration under Shop and Establishment Act.