Sole Proprietorship Registration in Chennai
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INR 3000
Sole Proprietorship Registration in Chennai
Sole Proprietorship is a form of business in which a single person can carry on a business wherein the identity of the business and the person are not different from each other, i.e., there will be no separate Legal entity for the business. Unlike other forms of Business there will not be any separate registration of the Business entity. The PAN of the Individual shall be taken as the PAN of the Business and no separate Pan for the Business entity shall be required.
What are the steps required to set up a Proprietorship firm in Chennai?
Udyog Registration
Get TAN Number
Get GST Registration
Open Bank Account
Advantages of a Sole Proprietorship Registration in Chennai
Independence
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.
Disadvantages of a Sole Proprietorship
No Limited Liability
A Sole Proprietor does not enjoy limited liability meaning that there is no legal protection that prevents him from being held personally responsible for the Business’s debts or financial losses, hence his personal assets are not protected as compared to other forms of business where the Shareholder or owner’s funds are liable only up to their contribution or capital.
Difficulty raising Funds
It is highly difficult to obtain loans or other forms of credits from bank or financial Institutions for a Sole Proprietorship. A private Limited Company shall be the best form of business when there are plans to approach lenders to grow the business.
No Perpetual succession
On the death or incapacity of the Proprietor the business will not continue to exist since there is no separate legal identity for the business but both the Proprietor and the business are considered as one in the eyes of law. Pvt Ltd Companies, OPC and LLPs enjoy the status of separate legal entity hence continue to exist even on death, incapacity or change of the members or shareholders of the organization.
Documents required for Sole Proprietorship Registration
Documents of the Individual
- PAN Card
- Aadhaar Card
- Passport Size photo
- Residential Proof- recent EB/Gas bill/phone bill/Bank statement
Documents of the office
- NOC in stamp paper from the owner of the registered office
- Office address Proof- recent EB/phone bill
Note
- The Name and address in the Residential proofs of directors and Registered Office proofs should be clear and complete.
How to register proprietorship firm in Chennai?
Get Started
- Purchase our Proprietorship package
- Make your payment through our secured gateway
- Our Expert will connect with you and receive all documents
Sole Proprietorship registration Procedure
- Designated expert interaction
- Verification of all documents submitted
- Filing application for MSME Certificate
- Application for TAN Allotment
- Application for GST Registration
Business is incorporated
7 days is all it takes to get your Sole Proprietorship registration*
*From date of receiving complete set of documents and details subject to government portal downtime.
What do you get in a Sole Proprietorship registration?
GST Registration
MSME Registration
TAN of Business
Testimonials
Different Types of companies
Lets Compare the features of different types of companies
- minimum 1 member
- unlimited liability
- low compliance procedures
- Difficult to raise capital
- Tax at slab rates of Individual
- minimum 1 member
- limited liability
- medium compliance
- Difficult to raise capital
- Company profits and dividends are taxable
- minimum 2 members
- limited liability
- low compliance procedures
- can raise capital
- Tax Efficient
*Prices are inclusive of taxes and stamp duties for an authorised capital of Rs. 100000 and 2 directors.
In case of capital more than Rs.100000 or more than 2 directors or if any customisation required, please contact us. We will fix you the best price !
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