It is not governed by a separate law and there aren’t many rules and regulations to follow. There is no need of incorporation or registration compulsorily. Generally, a licence to operate suffices as one of the most reliable mediums of existence of sole proprietorship.
Owner enjoys the entire profits from the business. He doesn’t need to share them with any other person as he is the sole stakeholder. He can withdraw the profits from the business for his own use.
It can be established easily and instantly.
The decisions made are quicker as the sole proprietor has complete control over the entire business.
There is a great deal of confidentiality in the proprietorship business as the law doesn’t require a proprietorship to publish its financial accounts or any other such documents for availability of the general public.
Very less formalities are involved in the sole proprietorship business.
It gives great sense of satisfaction and achievement to the owner to be its own boss and not being answerable to anyone. It is a great boost to the self-worth of the owner.
It is inexpensive as compared to other forms due to its fewer compliance requirements.
As per the Income Tax Act, 1961, sole proprietors can take the benefit of paying lower taxes and declaring incomes on presumptive basis where the books of accounts are not maintained.
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There are generally no compulsory registrations required to be taken by the Sole Proprietor. However, following voluntary registrations may be taken if the owner wishes to expand the business:
It is an idol form of business for any small-scale operator as they are saved from all kinds of legal formalities in every defined law. The ease of its operation and management also makes people opt for this form of business.
ID Proof of the Owner
Address Proof of the Owner
Rent Agreement of the Business Premises
Passport Size Photograph of the Owner
Utility bill for the premises
No Objection Certificate from the owner of the premises (if the premises is not owned)
Really happy with the professional way in which the work has been done (y). Worked with other CA’s previously, Startup movers were the best one- whom we worked with
Excellent service at affordable prices. They are very punctual and work really hard to get the job done.
These guys are really good particularly their secretarial part. Very professional very prompt.
Startup Movers helped us with our company incorporation & re-correction was done quickly and everything that goes with it has done good.
The best part about working with StartUp Movers is that they understand the DNA of a startup very well, and are flexible in their approach. This makes them very compatible partners for any start-up.
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