The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
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Call : +91 844-844-0306The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
Sole Proprietor
Registered Office:
Apply PAN and Aadhar of Sole Proprietor
Select name of the Business (Eg. Patel & Co.)
Apply for any of the Government license in the name of the Business
Apply for Shop and Establishment License, if any
Open Bank Account with the Business Name
Factors of Comparison | Private Company | Public | One Person Company | Limited Liability Partnership | Partnership | Sole Proprietorship |
---|---|---|---|---|---|---|
Capital | Min: INR 1 & Max:No Limit | Min: INR 1 & Max:No Limit | Min: INR 1 & Max:2 Crore | Min: INR 1 & Max:No Limit | Min: INR 1 & Max:No Limit | Min: INR 1 & Max:No Limit |
Director | Minimum 2 | Minimum 3 | Minimum 1 | - | - | - |
Shareholder | Minimum 2 | Minimum 7 | Minimum 1 | - | - | - |
Designated Partner/Parter | - | - | - | Minimum 2 | Minimum 2 | - |
Taxation | 30%(25% if turnover does not exceed 250 Crore) | 30%(25% if turnover does not exceed 250 Crore) | 30% | 30% | 30% | As per Slab Rates |
Statutory Audit | Compulsory | Compulsory | Compulsory | If Contribution exceed INR 25 Lacs; If Turnover exceed INR 40 Lacs | Not Required | Not Required |
Investor Preference | High | Low | Low | Medium | Very Low | Very Low |
Compliance Cost | Mdeium | High | Low | Low | Low | Low |
Regulator | Registrar of Companies | SEBI/Registrar of Companies | Registrar of Companies | Registrar of Companies | Registrar of Firms | - |
Time take for Registration | 5-7 working days | 5-7 working days | 5-7 working days | 20-25 working days | 10-12 working days | 5-7 working days |