soleprop1

Advantages

  • Easiest and Best way to start up any business in India.
  • You will be the sole decider how, when and how much to operate.
  • Easy to Start and Easy to Close
  • Get benefit of Basic Tax Exemptions and Lower Tax Rates.
  • Safety from many tax procedural and liablities.
  • Not liability of TDS deductions if not audited last year.
  • May operate with any Name.
  • No Separate PAN required.
  • Lowest Cost of Formation

Disadvantages

  • All you earn is yours, all you loose is yours i.e. Unlimited Liability.
  • Less Resources.
  • Less Credibility.

Registration

As such there is no separate registration required. Moreover, there is no procedure for obtaining name approval (as in the case of companies). In case your business is liable for VAT and / or Service Tax registration, then you must obtain VAT and / or Service Tax registration. Further, for a sole proprietorship firm, no separate income tax PAN is required. The PAN of the proprietor will be the PAN of the firm and proprietor will have to file income tax return in his personal name.

To Start your business, You just need to open a bank account with the firm name. However, to open your Bank Account, you might need registration with two government agencies. Therefore, if your Firm is not required to get registered with VAT and / or Service tax, Then we will provide following registrations, depending upon Bank

  1. Udyog Aadhar:

    Aadhar Card for your business issued by Ministry of Micro, Small & Medium Enterprises, Government of India. As like Your Own Aadhar, Aadhar card for your business will be issued, provided you own a valid Aadhar Card.

  2. Shop & Establishment Act:

    Register under Shop & Establishment Act with Labour Department, Haryana with a nominal Fees.

  3. CA Entity Certificate:

    We provide Certified Entity Certificate for Proprietorship Concerns.

  4. Haryana Sales Tax (HVAT)/ CST Registeration:

    We will provide complete information and consultancy, if you require to obtain Sales Tax Registration, and will help you to obtain registration with Haryana VAT / Sales Tax and CST, and timely returns thereafter.

  5. Service Tax

    We will provide complete information and consultancy, if you require to obtain Service Tax Registration, and will help you to obtain registration with Service Tax, and timely returns thereafter. We will arange both Single Premises Registration or Centralized Registration depending upon your requirement.

  6. Excise

    We will provide complete information and consultancy, if you require to obtain Central Excise Registration, and will help you to obtain registration with Central Excise, and timely returns thereafter.

  7. Goods & Service Tax

    As of Now, GST Constitution Amendment is passed by Rajya Sabha, we are in complete track of Same, and will be in a leading roll for our clients to enroll them with GST.We will provide complete information and consultancy, and will help you to obtain registration, and timely returns thereafter.