If you want to start a new business, sole proprietorship is the best option for you. A sole proprietorship is an unincorporated business owned by one person. A proprietorship business and its proprietor are a single entity in all legal matters. If you are alone or if you wish to have absolute control over your business sole proprietorship is nice opinion.
The Proprietor and the proprietorship business is a single entity and does not differentiate between both of them. In a proprietorship firm all the profits, loss, assets liabilities etc. are property of the proprietor and they are also taxed at individual rates instead of business rates. To start sole proprietorship business in India following documents and licenses are required:
- Address proof
- Income tax PAN card
- Current Bank Account in the name of the business
- In case this being service providing business the registration for service tax
- In case of sale of goods the registration for the VAT will be required with the local State government.
If you want to establish a small firm in India without any hassle and the complications of corporation formation and registration, a sole proprietorship will allow you to do so. Barahami Legal Services will help you in starting a sole proprietorship firm.