Sole Proprietorship Registration

Sole Proprietorship is recognized as a single person firm. It is the simplest form under which a company can operate. It can also be operated under the name of its proprietor.

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Overview on Sole Proprietorship Registration

Benefits of Sole Proprietorship Registration in India

Checklist for Registering a Sole Proprietorship in India

Process for Sole Proprietorship Registration in India

Documents Required for Sole Proprietorship Registration

Difference Between Sole Proprietorship and OPC

Overview of Private Limited Company Registration

A Private Limited Company is a privately maintained small business existence, which is one of the highly recommended means to start a business in India. The Companies Act 2013 governs private limited company registration in India.

While, minimum 2 shareholders are required to start a private company, while the higher limit of members are 200 as per the Companies Act, 2013. If a private limited company faces financial risk, its shareholders are not subject to sell their personal assets, i.e. they ought to have limited liability.

  • A registered private limited company increases the credibility of your business. A registered private limited company increases the credibility of your business. A registered private limited company increases the credibility of your business.
  • Help owners from personal liability and protects from other risks and losses.
  • Draws more customers
  • Ease in obtaining bank credits
  • Offers limited liability to preserve your company’s assets
  • Greater funds supplement and more attractive stability
  • Enhance the potential to grow big and expand

Starting a private limited company offers many advantages. Some of them are as follows:

Limited Liability
The responsibility of the members of a private limited company is restricted to their share only as the private limited company is a separate legal entity.
Separate Legal entity
A private limited company is a separate legal entity which posses all the rights to sue or to be sued. It acts an artificial person which can buy a property on its own name.
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The business does not come under tax purview as such separately however, you must report all business income or losses on your personal income tax return.
Yes, you can do so as no legal restrictions as such are there for name usage and also for the fact that it is not a legal entity. It is a simple set up wherein a person starts his business and is accountable for his own acts.
The sole proprietor can transfer the business by selling its tangible and intangible assets; as there is no concept of a separate legal entity, the owner and business are one and the same.
A sole proprietorship is a type of enterprise that is owned and run by one person who is the sole trader or proprietor. In this, there is no legal distinction between the business entity and the owner.
When a sole proprietor is earning an income from business and professional income then he may go ahead filing ITR 3 or file ITR 4 for the presumptive scheme of tax.

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