The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under any other name which he wishes to register.
The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. A sole proprietor need only register his or her name and secure local licenses, and the sole proprietor is ready for business.
- It is the simplest and easiest form of business
- There is no legal distinction between the owner and the business.
- Easy to register.
- There are less legal compliances and regulation in comparison to company
- Only Income tax is required to be filed.
Documents Required for Sole Proprietorship Incorporation/ GST Registration
- Identity and Address Proof of the Sole Proprietorship or Members-All the Members are required to provide their PAN and any Address Proof, (such as Aadhar Card, Voter Id card, Driving License) for the registration of the Sole ProprietorshipCompany but make sure that the credentials in the PAN card is matching with the Address Proof.
- Utility Billfor the registered Office: Anyone document such as gas bill, electricity, or telephone bill must be submitted. The bill should contain complete address of the premise and owner’s name and the document shouldn’t be older than 2 months.
- No Objection Certificate from the Owner: Every Company shall have a permanent address at the time of Sole Proprietorshipincorporation which shall be called as the Registered office of the Company that can be either taken on rent, owned by the Partner, or at the consent of the Landlord to allow the Company to use his premises as the Registered Office.
- Email id / Contact No of the Sole Proprietorship or Members–The Members are required to provide their email and contact no for the purpose of OTP verification.
- Passport Size Photo of the Sole Proprietorship or Members