Sole / Individual Proprietorship Firm Registration in Chennai
Sole proprietorship is a business structure in India that is owned and operated by a single individual. The proprietor is responsible for all aspects of the business, including management, financing, and liability. Sole proprietorships are the simplest and most common form of business in India, and they are relatively easy to set up and maintain.
Starting From
₹2,800
with in *5 working days
Register Proprietorship Online
Overall, sole proprietorships are a simple and flexible way to start a business in India. However, they also have some significant risks, so it is important to carefully consider the pros and cons before deciding whether this is the right business structure for you.
Sole Proprietorship Includes
- Udyam Registration Certificate
- Goods & Services Registration
- Business Consulting & Advisory
Documents required for new proprietorship firm registration online
- Applicant’s KYC (Copy of Aadhaar card and PAN card along with driving, passport or voter copies) mandatory to process.
- For proprietorship firm address proof either (Gas, phone, water or electricity bill) one is necessary.
- Passport size photograph of the individual person.
- Proprietor’s Savings bank account statement, passbook front page or personal bank account cancelled cheque.
Important Notes
- Each individual Aadhaar holder is allowed to obtain only one Udyam certificate.
- A sole proprietorship with an income of Rs. 2 lakhs or lesser is not required to pay income tax.
- An enterprise is classified as a micro, small, or medium enterprise based on the following criteria:
- A micro enterprise has an investment in plant and machinery or equipment of up to Rs. 1 crore value and a turnover of business up to Rs. 5 crore.
- A small enterprise has an investment in plant and machinery or equipment of up to Rs. 10 crore value and a turnover of business up to Rs. 50 crore.
- A medium enterprise has an investment in plant and machinery or equipment of up to Rs. 50 crore value and a turnover of business up to Rs. 250 crore.
Here are some of the key features of sole proprietorship firm registration in Chennai.
Ownership
The proprietor is the sole owner of the business, and they have complete control over its operations
Liability
The sole proprietor is personally liable for all debts and obligations of the business. This means that if the business fails, the proprietor could lose their personal assets, such as their home or car.
Taxayion
The sole proprietor's income from the business is taxed as personal income.
Registration
Sole proprietorships are not required to be registered with the government, but they may need to obtain certain licenses or permits, depending on the nature of the business.
Sole proprietorship firm registration benefits
Ease of setup and maintenance
Sole proprietorships are relatively easy to set up and maintain, and they do not require a lot of paperwork or legal formalities.
Low start-up costs
Sole proprietorships can be started with relatively low start-up costs, making them a good option for small businesses with limited resources.
Flexibility
Sole proprietors have complete flexibility in making decisions about the business, and they are not subject to the same regulations as other types of businesses.
Sole proprietorship firm registration process
There is no special registration for Sole Proprietorship firm. Usually MSME/UDYAM Registration applied for proprietorship along with this GST Registration will be added based on necessity and requirement for the same.
KYC Documents
Use applicant’s individual Aadhaar number to initiate the process.
E-Verification
Once the Aadhaar number is verified with portal, your income tax PAN number will be validated.
Apply Online
Fill out the online application form for business registration.
Approval
After the submission of the form, you will be assigned an Udyam number.
Udyam Certificate
Make use of your Udyam number to generate your Udyam certificate.
How to Register for GST online?
Login Creation
Get a Temporary Reference Number (TRN) from the GST portal.
Apply for GSTN
Use the TRN to login to the GST portal and fill out the online application form.
Submission & Validation
After submitting the form, your PAN number will be validated.You will receive an Aadhaar authentication link on your registered mobile number and email address.Click on the link and authenticate your Aadhaar number.
Approval/Allocation of GST Number
If your Aadhaar authentication is successful, your GST number will be allocated within 7 working days.If your Aadhaar authentication is unsuccessful, your GST number will be allocated within 20 working days after physical verification by a GST officer.After the authentication is completed, an ARN (Acknowledgement Reference Number) will be generated.
Register your GSTN with us!
To know more and need of assistance contact our service support team and make it easier to register your GSTN to your business.
Need Help?
Our experts are ready to assist you with the Sole Proprietorship process.
Call Us Now Request a CallbackFast Track
We ensure a smooth, hassle-free registration process with transparent pricing and absolutely no hidden fees.