In this era of growing need of financial self-dependency and independence from reliance on others, almost every other person wishes to be a boss of their own. And why not be, for it has numerous perks associated to its name that none can give a hoot to the self-reliance a self-owned business gives. Talking in legal terms, it is what is known as sole-proprietorship. Formally, any enterprise being run by a sole person who is at the sole authority of the business, and the business is not a legal entity, is termed as sole proprietorship and it is believed to be the simplest form of business, to operate one. A sole proprietorship firm, is one of the most popular form of business, due to its simplicity, nominal cost of operation and ease of setup. So, let us delve in and get to know more about sole proprietorship.
With the less investment required and having control of the business solely in the hands of an individual is what simply means “Sole proprietorship”. However, incorporating a sole proprietorship have some drawbacks as well. Here is mentioned everything related to the sole proprietorship, including the advantages and the disadvantages.
Sole proprietorship is not covered under any Act and hence it is optional to get sole-proprietorship firm registered. With only one member being the owner is what you need to incorporate a sole-proprietorship firm.
Aadhaar Card of the applicant
PAN Card of the applicant
Passport size photograph
Proof of registered office
Email Id and Contact Number
Rental Agreement or sale deed (required for Shops & Establishment Act Registration)
Less compliances as it requires only one member to run the business. Among all the other business entities and firms, the sole proprietorship is the only one which requires very less of compliances.
Quick decision making. In case of sole proprietorship, the control and the power is with the owner and therefore he is not required to consult or wait for other person’s acceptance. He can decide and take decisions on his own.
Enjoying all the profits Being the sole beneficiary, he has full rights on the profits of the business. It is one of the greatest advantage of incorporating a sole proprietorship firm.
Confidentiality of Data An entity whose database is not required to be maintained on an online portal. You must have seen and heard that private and public company’s financial data is visible on an online portal of MCA which can be viewed by anyone. As private and public companies file their annual returns on MCA Portal. But in case of sole proprietorship, there is no as such regulations. Therefore, all the information is safe and private with the owner itself.
Easy incorporation There is no specific requirement to get sole proprietorship firm registered which means you can run your proprietorship firm without the requirement of registration
Unlimited liability The major disadvantage of a sole proprietorship firm is that in case of any occurrence of a loss, the owner of the sole proprietorship firm is liable to pay for it and even his personal assets can be utilized for discharging the loss happened in the business.
Lack of Continuity In case of proprietorship firm, if the owner is unwell, the business will be closed for that period of time which will eventually impact the business negatively. And if unfortunately, he dies, the business will have to be winded up. Therefore, there is no concept of continuance of business by any other person, other than the owner.
Limitations in Expansion A sole owner cannot have all the required skills to run the business effectively. Therefore, having only one member, limits the scope of the business. Also, with the limited capital, the business cannot grow which restricts the business growth.
Step by Step Registration Process
Applying for PAN
Applying for PAN is the first step in the sole proprietorship registration process.
After obtaining the PAN Card, the next step includes the name selection of the sole proprietorship firm.
Opening a Bank Account
Opening a bank account in the name of business is certainly the third step. Creating an account is necessary for all the business transaction to be executed from that account.
Other Basic Registration
After all the necessary processing is done, there are some additional registrations required depending on the conditions it fulfills.
How we work
The first day is when a client sends documents. The day when we receive the client’s documents that are required for the registration process.
The second day is when we draft an application for getting PAN Card.
After PAN Card application, process of name selection is done where we suggest the best appropriate name for your sole proprietorship firm.
In the next 2 days, we apply for opening a bank which we will be opened in the name of sole proprietorship firm.
In the next 5 days, other basic registrations are done. Like registration under :- -Shops and Establishments Act -GST Registration -MSME Act
This package includes free GST Registration to the applicant.
Udyam Registration is also inclusive in the package provided in the sole proprietorship registration package.
EAdvisors provide expert support to all clients for smooth and successful registration process.
Not just for registration process, but for future venture as well, free guidance is given by our EAdvisors team of expert.
Registration certificate shall also be provided in the package.
What you get in this package?
We are offering you ultimate package of Sole Proprietorship
EAdvisors Sole Propreitorship registration package provides you with GST Registration, Udyam Registration, Expert support, free guidance and the registration certificate.
Quality Efficient Services
We at EAdvisors are here with our professional services and experts to serve you. We have successfully satisfied our clients with their requirements since a long time and will continue it all time. EAdvisors has 99 % of customer retention ratio.
To provide constant support to our customers, we are available on WhatsApp as well as on Email. For consulting us directly you may call or WhatsApp us at: +91 991 0000 833 To resolve your complicated query, contact us through Email Id :email@example.com
Professional experts of company registration are here at your service to assist you in incorporating companies. For making it hassle free procedure we will be assisting you a professional who will be there throughout your company registration. Your work is our duty and in the hands of our experts.
Experience the upgraded professional services from EAdvisors!
Our work is to provide with best of services and that too with transparency. We aim to make clients that goes long with us and stay satisfied with our variety of services. No hidden charges exist and everything will be informed to you well in advance.
With guaranteed 10-12 days registration, we provide our clients with issuance of Certificate by ROC. Considering one day when documents will be received by us from our clients, then other two days for name approval procedure that is considered by ROC and another day for filing application for Incorporation of Company. On 10th day as we commit, will provide you with certificate of incorporation,
We have achieved alot in past years and aiming to increase it in future as well and that became possible because of our motto to keep our clients information secure with us. Stay confident while dealing with EAdvisors, your every single information will stay private with us.
EAdvisors is a well-known company, popular for its quality work and therefore no hidden or extra is charged by our clients.
Fast and Easy
By just sharing your documents with us on WhatsApp or email, you will get your dream company ready within 10 days only.
You will be given a Unique Order No. for you to track the status of company registration process. We offer this unique tracking method to given them a sense satisfaction that their work is our utmost priority.
Once the registration process gets started and payment is also made, it is our duty and responsibility to keep your payment secure and in return registering your company.
Use Local Currency
Being a company established in India, we will be accepting the payment in Indian Currency through any of the online mode of transfer.
Intelligent Working method
As the world is also getting advance within time, we have also established online way of accepting documents and creating your company.
There is no act specifying the compulsory registration of sole-proprietorship therefore, it is an optional step. You may or you may not register a sole-proprietorship firm. However, registering the firm will be advisable to the owners of sole-proprietorship business.
Contact EAdvisors and send us the required documents. We will provide you with an expert who shall be there throughout the registration process of sole-proprietorship firm.
EAdvisors has served many business houses and individuals from India as well from outside India. Why don’t you try our services and become part of best online business consultancy portal?
Really impressive and timely professional services. Happy to claim services from EAdvisors. Thanks EAdvisors!
It was am amazing journey with EAdvisors. I am impressed, the way team has chased me and guiding on completing documentation was extreme. Its worth to reach best supporting companies like EAdvisors.
We are very satisfied with the service and quick response to the queries raised. Thank you for EAdvisors full Team for the support in sole proprietorship registration process.
Their team of professionals are really helpful. I was in doubt that which company would be best for me to incorporate, so they helped me throughout the process. From company name to its procedural aspect, they were there to guide me. Thank you EAdvisors.
I have experienced a good and long term relationship from EAdvisors as I had received great services from them. Nice consultancy firm. By just contacting and sending necessary documents on whatsapp my sole proprietorship firm was incorporated and that too within 10 days.
I incorporated my company through EAdvisors, got registration certificate in 10 days. Best team to get company registration.