Proprietorship and Registration Process with ComplianceBuddy
A proprietorship business is a one-person owned and run firm. This type of business has become one of the most prominent options to start in the unsystematic industry, especially among traders and small dealers, because it may be established within 3 to 15 days. A proprietorship business does not require specific proprietorship registration as it inherit the proprietorship status by virtue of other state and central registrations like GST registration, Shop & Establishment registration, MSME registration, etc. This form of business does not have perpetual succession and its obligation is unbounded.
Usually, in India if you have a GST registration, you are deemed to run a proprietorship business as there is no specific act governing the proprietorship form of business.
Sole Proprietorship Registration Checklist Components
- The municipal officials are responsible for granting you with the Shop & Establishment Act licence.
- The Institute of Chartered Accountants of India is the issuing body for licences issued by registering agencies, such as the Certificate of Practice.
- The Central Government or the State Government Authority/Department, etc., issues the enrollment certificate in the title of the proprietary business.
- The IEC code granted to the proprietary business by the department of the DGFT might also be accepted by banks as identification when creating bank accounts, etc.
- Submit an income tax return in your name as the business’s sole proprietor, with the income legally recognized and confirmed by the tax authorities.
- Utility bills for things like water, electricity, and landlines in the names of the private firm.
- Release of the GST Certificate/Registration.
Compliance requirement of Sole Proprietorship business
Here are the few compliances required for running a proprietorship business in India:
Submitting Income Tax Returns
The proprietorship’s founder is required to file an ITR-3 or ITR-4 as their personal tax return.
GST Return Submission
If a sole proprietorship registers for GST, they must file GST returns on a monthly and triennial basis in accordance with their registration schedule.
TDS Returns
If the proprietorship has workers or spends more than a certain amount on products and services, tax should be deducted at source and TDS forms should be submitted quarterly.
The proprietorship might additionally have to abide by other rules depending on its business and location in addition to the aforementioned requirements.
How Does ComplianceBuddy Carry Out The Registration Process For A Sole Proprietorship?
Professional Direction
Our professionals provide you with expert advice on a variety of procedures necessary to establish your company as a sole proprietor, including service tax registration, sales tax registration, import/export code registration, and tax registration.
Provider Relations
Our team would put you in touch with a trusted vendor who might schedule your registration and keep you informed of its status and advancement. The providers we’ve brought on board are experienced and skilled at handling native registrations.
Why Choose ComplianceBuddy?
Accessibility to Experts
Our team connects with experts and works to provide all of your needs. Also, you may always keep tabs on the development of our web platform.
Attainable Expectations
We assure you safe and smooth interaction with the government by serving you with the right paperwork. To help people have reasonable expectations, we offer clarity on the registration procedure.
Strong Team
You are only a call away from the finest in business advice, legal representation, and skilled advisors.
