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info@lawgicalstation.com

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Sole Proprietorship

What is a Sole Proprietorship Firm?

Sole proprietorship is a type of business entity which is owned and managed by a single person only. It is not governed by any law and hence it is the easiest form of business in India. All the decisions and management of the business is in the hands of one person.

MSME Certificate Shop License GST Certificate

Benefits of Proprietorship Firm Registration

Registrations required for Sole Proprietorship Firm

1. GST Registration

2. MSME Registration

3. Shop and Establishment Act License

Procedure of Sole Proprietorship Firm Registration

Step 1. Application for GST Registration

Depending upon the requirement of the business and GST Law, application for GST registration has to be made with the department. GST registration usually takes around 5-10 working days.

Step 2. MSME Registration

To establish the existence of your proprietorship firm and avail various benefits, you'll have to file an application for registering your firm as Small and Medium Enterprise (SME) under the MSME Act. It is beneficial for the business at the time of taking out a loan. The government runs various schemes for SMEs to provide loans at low-interest rates.

Step 3. Application for shop and Establishment License

You are required to obtain a shop and establishment license according to the local laws. It is issued by the municipal corporation on the basis of the number of employees or workers in the firm.

Step 4. Bank Account Opening

Once all the steps are completed, the current bank account should be opened by the proprietorship firm. You can contact us for assistance with your current bank account opening

Online Proprietorship Firm registration with Lawgical Station

The process of registering your business as a sole proprietorship firm is not much complicated. Our experts at Lawgical Station can make the whole registration process hassle-free for you. Register your firm online in 3 easy steps

Step 1:

Get in touch via call or contact form

Step 2:

Provide necessary documents

Step 3:

Get your incorporation registered in 7-10 working days

Document required for Sole Proprietorship Registration

1. Copy of Aadhar Card

2.Copy of PAN Card

3.Address proof of office

Documents you'll get after proprietorship registration

Post incorporation of your sole proprietorship firm, you'll receive the following documents:

GST Registration Certificate
Shop and Establishment Act License
MSME Certificate

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FAQs on Sole Proprietorship Registration

What is the cost of registering a sole proprietorship? Can a sole proprietorship be converted into a private limited company? What is a real life example of a sole proprietorship? Is GST required for sole proprietorship? Can sole proprietorship have a PAN card?

The cost depends on various factors. You can get in touch with our experts for detailed input on the actual cost.

Yes a sole proprietorship can be converted into a private limited company. You will have to follow the standard procedure for the same. Get in touch with our experts for more information.

A real-life example of a sole proprietorship could be a local bakery owned and operated by a single individual.

GST registration is required for sole proprietorships if their annual turnover exceeds the threshold.

Yes, a sole proprietorship can have a PAN card, which is necessary for income tax purposes and financial transactions.

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