Sole Proprietorship Registration in Chennai

Solubilis provide proprietorship registration in Chennai, Bangalore, Hyderabad, Cochin and anywhere in India. Sole proprietorship shall mean the following. Sole means single and the proprietorship means ownership. This is a form of business organization which is owned and managed by a single individual, who shoulders the responsibility of running the business and takes the profit or loss. In this type of business form, single person is responsible for investment and bears the risk of the enterprise.

Who should opt for Proprietorship?

Individuals, who would like to control over the entire business operation and run it as a small/ medium business can opt for this Proprietorship business.

Characteristics
Documents Required

Characteristics of sole proprietorship business:

It has a single owner who brings all resources and starts the business.
The owner himself manages the business, according to his knowledge, skill, intelligence and work experience.
The business unit is not separate from its owner, the profit and loss of the business unit will reflect as owner’s profit and loss.
Sole proprietorship shall be formed without any legal formalities. The formation is quite easy and simple. The owner is responsible for the business operation. And enjoys the profits of the business or bare the losses. The liability of the sole proprietorship is unlimited.
It is a single person controlled unit and the decision making quite fast and precise.
This form of business unit has more flexibility in their operation.
Depending upon the demand and the supply, the business operation can be moderated by the owner.

Required documents:

Shop establishment certificate
Opening of current account and its six months statement
Copy of PAN Card
Proofs of business address
Passport sized photo copies
GST registration

FAQ'S

A sole proprietorship is a company with only one owner and is not registered with the state, unlike a limited liability company (LLC) or corporation. Starting a sole proprietorship requires no paperwork -- all you do to create a sole proprietorship is simply go into business.

Unlike corporations, sole proprietorships are not treated separately. This means that any profit derived from your sole proprietorship is treated as your personal income and is accounted for on your individual tax return. Any such income is taxed to you in the year it was received.

Not necessarily. But every business is unique hence there may be circumstances where business advisers help may require. You can consult with Solubilis at free of cost they will guide to choose the better form of business organisation.

It is an unincorporated entity. If you own a sole proprietorship, generally you shouldn’t have to go through the same registration. It is the simplest form of a business very popular among small and medium businesses, freelancers and Individuals.