Sole Proprietorship Firm Registration

 

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 proprietorship business is the simplest form of business, which can be started or closed at the will of its owner, also known as proprietor. There is no law which require a proprietorship to be registered, hence the registration of proprietorship firm is not possible as required in case of a company, LLP or partnership firm. However there are various registrations or licenses which may be obtained for a proprietorship business. We have developed some easy packs to start a proprietorship business, which is as follows.

BASIC PACK - Rs. 2,499/-

• Consultancy on Formation
• MSME Registration
• GST Registration
• Tax Consultation

BENEFITS OF REGISTRATION UNDER MSME

1. Easy availability of Loan  Every MSME whether in manufacturing sector or service sector is entitled to collateral or mortgage free loan from Bank for an amount up to Rs. 1 Crore through SIDBI under Credit Guarantee Scheme
2. Gov Procurement Priority Central or state government departments have been mandated to extend priority treatment to MSME while procuring goods or services for the consumption of goods or services for public purposes.
3. Low-Interest Overdraft While availing bank overdraft facility from a bank, MSME has a reason to smile as Banks need to offer 1% less interest rate on the overdraft extended to the MSME which is registered with Udyog Aadhar.
4. Concessional Electricity TA registered MSME can avail concessional rate of electricity for their unit by making a written application along with the certificate issued after registration as MSME ( Udyog aadhar) to the electricity department.
5. Speedy Recovery of Dues The MSME is required to be paid as per the agreement between parties or within 45 days if there is no understanding between them. Failure entitles the MSME for an interest which is three times the bank rate
6.  Rebate in Taxes MSME registered under the MSMED Act, 2006 is eligible for many tax incentives and exemption both under the Direct Taxes and Indirect Taxes including GST such as capital gain subsidy schemes under income tax act.
7. MSME Conciliation Centre For faster resolution of disputes where MSME is struggling to recover money from other persons, there is a provision of MSME reconciliation centre which may provide for a speedy resolution of dispute and faster recovery

The documents required to start a proprietorship business is as under

1. Two Colour Photograph
2. Self Attested Copy of Pan Card
3. Valid Identity Proof of Proprietor
4. Latest Address Proof of Proprietor
5. Canceled Cheque
6. Proof of Registered Address
7. NOC from the Owner of Premises

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