What is Sole Proprietorship?

Beginning a business under sole ownership is simple and helpful. A sole ownership is neither an organization nor an enterprise. The business is possessed by a person. The sole ownership firm enrollment is finished with a thought process to open a present bank under the name of an independent venture.

When an individual who owns any products or services establish themselves as the sole proprietor when they starts selling it. Many entrepreneurs are running and selling their product under sole proprietorship.

The income is basically reported as the business income or losses by the owner in his/her individual income tax return.

What is Sole Proprietorship Registration Online?

Sole Proprietorship registration online is completely a digital process and hence you can register your business without leaving from home or office. Generally, a person desirous to establish and profess the business as a sole proprietorship firm requires starting with certain basic requirements such as one need to have a Current Bank Account on the Name of Business to support the ease of doing business.

Looking at the legal nature of OPC then we will see OPC can be registered only as a private limited company. This means that all the provisions that are applicable to the private company will be applied to OPC unless otherwise expressly excluded in the act or rules made thereunder.

Starting a business as a Sole proprietorship firm is easy in India with less compliance and less costing.

Sole proprietorship registration is required for the individual owned business and India is toward ease of doing business, hence it is suggested to obtain the given below registrations to make his business function smoothly and legally. You can select any of registration from the below:

• Shop and Establishment Registration under the laws of the respective states
• Registering as SME
• GST Registration

Requirements after Sole Proprietorship Firm Registration

• Comply GST Registration rule for Proprietor
• Avail MSME Registration benefits
• Carefully use HAC/SAC Code during GST Registration
• Subscribe camunim services for GST Returns Monthly / Quarterly
• Club your all business and other income in your Personal income tax return