When a company is run and owned by a single person it is called sole proprietorship. For sole proprietor registration in Tambaram, Chennai you need to open a current bank account on the business name with less cost and compliance. It is one of the most common type of business structure preferred by most of the small scale businesses. This business structure can be incorporated in 15days and the sole proprietor needs two legal entity proofs to open an existing bank account.
The business is owned and controlled by a single person who is the owner, director, member, and shareholder of the proposed entity therefore the business is neither considered as a company nor an organization. To put in simple words a sole proprietor manages the entire company and its transaction. It is one of the easiest form of business structure to operate in cities like Chennai. Since it has no legal government laws, or rules, and regulations it is the most convenient, and simplified way to commence a sole proprietorship registration in Tambaram Chennai.
Who can register for sole proprietorship?
A person who wants to start his/her own business can form and run their business as a sole proprietor and therefore can enjoy the complete rights and responsibility of his /her business. As per the Income Tax Act, the loss or profit incurred by the Sole Proprietorship is considered as the loss or profit of the owner. Whereas the income that is gained from the Sole Proprietorship is considered as the income of the owner of that business. Most of the entrepreneurs in cities like Chennai believe that Sole Proprietorship as an ideal business entity and thus have incorporated their business under it.
Sole proprietorship registration in Tambaram, Chennai is completely an online process. With the help of tax consultants the registration process can be done in no-time. However there are some basic requirements needed to fulfill the sole proprietorship registration process hassle-free.
Documents requires for Sole proprietorship registration
To make the sole proprietor ship registration process more simplifies we Phoenix tax consultant in Chennai advice to keep the following documents ready.
- Adhaar Card
- PAN card
- Bank account
- Registered office proof
- Passport size photo
Benefits of Sole Proprietorship registration firm
Every business structure in India has its own benefits. Here we break down the benefits of registering under Sole proprietorship registration in Chennai.
- Can be started easily; this type of business structure needs no registration hence can be started easily. But once you have started it becomes relatively hard to open a bank account in the name of that business as it requires more registrations here.
- Name of the business: You can choose any name as long as it does not infringe on the registered trademark. However if the name is not registered anybody can use the same name
- Income Tax: A sole proprietorship business with 2 Lakh per annum income does not have to pay any income tax. But once the income exceeds 10Lakhs per annum it is mandatory to pay income tax.
- The sole proprietor is solely responsible for the profit or loss incurred therefor he has total flexibility, and control over the firm.
- Compliance and formation cost is low.
Why sole proprietorship registration is good for you?
If you would like to start a business in Chennai and like to do everything on your own then sole proprietorship registration in Tmabram, Chennai is one of the best structures. Not only has that it had much more to offer you and your firm. Read the following points to see why Sole proprietorship registration is good for you.
- One of the easiest type of business structure with more flexibility
- Single person has the control
- It is very easy to commence and close
- You are the only boss. So you don’t have to answer anybody for the profit or loss incurred.
- Very few compliance needed
- The proprietor is the decision- maker
- No sharing of your profit, or loss
Registrations required for Sole proprietorship registration
- Registration under SME
To start a business in Chennai any individual who wants to start a business has to register as an SME- small, and medium enterprises according to MSME Act. To complete the registration process the individual has to submit an online application. MSME registration helps you during the need of loan requirements at low-rate interest. For the improvement of SME registration the government has also introduced many new schemes under the MSME Act.
- Registration under shop and establishment act
A person who owns a shot can register under Shop and establishment Act. The registration will be issued by the municipal parties depending on the number of employees, or workers in the shop.
- GST registration
To run any kind of business activities GST is considered mandatory. Even if you are doing an GST registration.
- Aadhar card
- PAN card
- Passport size photo
- Office proof
- Copy of Bank statement
Process of sole proprietorship registration in Chennai
Sole proprietorship registration process in Tambaram, Chennai is made easy with the right tax consultant. Here we mentions how we process the sole proprietor ship registration for your business or firm.
We will need your basic information’s such as the name of the entity, address details, nd other relevant information about your business. You will also have to submit the documents required to apply for sole proprietorship registration
Our Phoenix tax experts will collect all the required document proofs and verify the same. To process registration of your firm the name and objects along with other supporting documents are finalized at this stage.
Once everything is verified by the authority, you will be provided with a Sole Proprietorship firm’s incorporation certificate (Udyog Aadhaar Registration, GST Certificate).
Finally you can open a bank account to manage monetary transactions of your business with the available registration certificates. With this you have started doing your proprietorship business.
To get your proprietorship firm registered within 5 days contact, a phoenix tax consultant in Chennai. All you have to do is provide us the required document and we will do the registration process in no time