A Sole Proprietorship has such a business structure that is owned, controlled and operated by a single individual/entity. Also, is the sole beneficiary of all the profits or loss earned and is responsible for all the risks.

It is a prominent kind of business because of its structure, especially suitable for small business at least for its initial years of operation. This type of businesses is usually recommended for services such as hair salons, beauty parlours, or small retail shops.

Sole Proprietorship Registration: Benefits or Advantages 

1.  Cost-effective: As no official registration is required there is no cost at all in setting up a Sole Proprietorship. But, if you are operating the business from a separate space will require you to obtain business-specific registrations such as trade Shops and Establishment Registration and in some states, a trade licence. Additional income tax registrations and service tax registrations may be required if the business crosses a certain turnover threshold.
2. Flexible Business decisions: The nature of flexibility lies in single ownership or one person who owns the business and has absolute control over the quick decisions and be flexible as well.
3. Minimal Compliance:  As Sole Proprietorships is recognised via their government and tax registrations, so the extent of their compliance is limited to the annual filing of their service, professional or sales taxes.
4. Control over financials of the company: Retention of complete control over the finances of the business all of whose profits flow to the owner means that this form of business organization gives a very strong incentive for workers to the business owner.
5. Business relations: It is found out that in a Sole Proprietorship business model where found in lines of work where personal relations are maintained since the Sole Proprietor is capable of maintaining one on one relationship with both employees and customers.
6. Maintain Confidentiality: Ensuring the safety of business secrets is also a much easier task in this form of business organization than any other.

How can we help you?

Looking at the benefits are you to wondering to set up your dream Sole Proprietorship registration, then seek help from the Online Legal India™ expert team can take care of the documentation process. We have a highly qualified CA/CS and 10+ years of experienced lawyers who would assist you to Register your Sole Proprietorship. We give budgeted services to those who are willing to venture into a company, business or any other kind of organization. 

 Apart from getting registered with MCA, any business personnel must also register with GST, TAX and Compliances, Accounting, Trademark Registration, or creative assistance in Logo Designing and Import Export Code registration to step a foot forward in the Foreign market. To deliver your digital assistance we have the best minds in the industry for your business incorporation, our concierge work round the clock to give you a hassle-free Sole Proprietorship online.