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What is a Sole Proprietorship?

A Sole Proprietorship is a business that is owned, managed, and operated by one person. In a Sole Proprietorship, the proprietor has all the rights to decide what to do and how to operate. A Proprietor neither needs to report someone nor take orders from anyone else. There is no interference from a third party. Unlike a corporate firm, there are minimal compliances or disclosure requirements during the whole financial year. Hence, Government interference is also very less. It is not a separate legal entity from the business owner and the business owner has unlimited liability (i.e. the business owner is personally liable for all the debts and losses of the Sole Proprietorship) A Sole Proprietorship can sue or be sued in the owner’s name.

Why Register a Sole Proprietorship?

One Person Management
Professionals and artists who run their own businesses may consider forming a Sole Proprietorship. They put in a lot of effort for themselves, and as a result, their personality gains worth and goodwill. And it can also be transferred to family or friends if required.
Easy & convenient
A Sole Proprietorship is the simplest type of business structure to establish. All you will need is a bank account in the name of your company. This is crucial because it will allow you to keep your personal money separate from your business finances and keep track of your profits and expenses.
Time and Cost Saving
A Sole Proprietorship owner is excluded from legal duties like yearly compliances, reporting documentation to the Registrar, and keeping accounts, which are imposed on corporations and partnerships. Making it inexpensive to start and easy to manage.

Documents / Details we need

Bank Account Details
Aadhar & PAN Card
Office Address Proof
Shops and Establishments Registration
Utility Bills
GST Registration

Important Details About Sole Proprietorship

Name & Details
Names of individuals with identity and address proof including bills and PAN /Aadhar card.
Registration Details
Registration details as per MSME, Shop, or GST, or any other State Level Registrations.
Scope or work
Clear drafting about the scope of work in terms of future plans.
Termination Clause
A termination provision allows the individual to end the contract at any time or can also make a provision to transfer it to another person.

Why choose us

PERSONALISED SERVICE

A dedicated Case Manager ensures quick turnout to all your queries and tailored solutions that fit perfectly for your requirements.

72 HOURS DELIVERY

All your drafting queries are addressed, understood, and delivered with quality under 72 Hours.

EXPERIENCED TEAM

Our team of dynamic professionals is well experienced and extremely proficient to cater to your needs, ensuring the best service.

24/7 HELPLINE

We are available to address and clarify all your queries round the clock. So you can worry less and focus more on the business.

Frequently Asked Questions

A Sole Proprietorship business does not take more than 15 days to set-up and start functioning. This simplicity makes it popular among small traders and merchants. It’s also much cheaper, of course. This is the other reason why it’s the most widely used business structure.
Any Indian citizen with a current account in the name of his/her business can start a sole proprietorship. Registration may or may not be required, depending on the type of business that is planned to be established. However, to open a current account, banks typically require a Shops & Establishments Registration
This depends on the business you’re in. It is compulsory for any business whose turnover in a financial year exceeds Rs 20 lakhs (Rs 10 lakhs in the case of North Eastern states) to get a GST registration. For businesses that are involved in selling goods or services to customers out of a commercial establishment, it is mandatory to register under Shops and Establishments Act.
The procedure involved is a little tedious, but it is possible. It is very common for sole proprietors to convert into partnerships or private limited companies at a later stage of their businesses.
Most local businesses are run as sole proprietorships, from grocery stores to fast-food vendors, and even small traders and manufacturers. That is not to say that larger businesses cannot operate as sole proprietorships, they can! Jewellery shops are sole proprietors, but it is not recommended.
Yes, it is much cheaper to run an LLP than a private limited company. Mostly because compliances, such as an audit, apply to LLPs only after their turnover is sizeable. Most LLPs spend about half as much as a private limited companies, in their first year on registrations and compliance work.

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