Advantages of a Sole Proprietorship registration in Chennai
In a Sole Proprietorship firm the Proprietor, i.e., the Individual carrying on the business has sole independence in vision, strategy and action for the Business. You get to be your own Boss.
Less Set up Cost
There is very little cost involved in the setting up of a Sole Proprietorship Firm compared to other forms of Business entity such as a Private Limited Company or One Person Company.
Very low Compliance Procedures
There are hardly any compliance procedures, unlike a One person company or other forms of Business entities that include Annual ROC Compliances and Compulsory Audits by Chartered Accountants irrespective of Turnover.
Highly Tax beneficial
Unlike Registered Companies where a flat rate of tax is applicable irrespective of the profits made, the Sole Proprietor is taxed at the Individual tax slab which is comparatively highly beneficial for Proprietors of small business. The proprietor can also make use of presumpmtive taxation.