Sole Proprietorship Firm Registration
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Register your business as Sole Proprietorship and avoid following any kind of legal compliances. Have your full control over the business with Sole Proprietorship Registration.
Start Your Company Without Any Hassel
GNGP Chartered Accountants is an online business compliance platform that helps entrepreneurs and other individuals with various, registrations, tax filings, and other legal matters.
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Introduction
Sole Proprietorship Firm Registration
As we know, India is one of those countries which is full of people who are managing and operating their business by choosing Sole Proprietorship as their business structure. Moreover, this business model requires compliance with very few legal formalities and is suitable for the people who do not have adequate capital. Further, sole proprietorship registration is required for the businesses which are owned, managed, and controlled by a single individual, as it will eventually help them in carrying out business operations with ease and flexibility.
Nowadays, the Sole Proprietorship as a business model is mostly chosen by the micro and small enterprises with less investment, operating in the unorganized sector. Moreover, it is also ideal for the embryonic entrepreneurs who want to start their own business. Lastly, some of the examples of a sole proprietorship are salons, grocery stores, chemist shops, photo studios, etc.
Benefits
Benefits of Sole Proprietorship Firm Registration
You Are Your Own Boss
In a sole proprietorship, the proprietor has all the rights to decide what to do and how to operate. A proprietor neither needs to report someone nor take orders from anyone else. There is no interference from a third party.
Quick Decision Making
It is easy for a sole trader to make decisions quickly, as he is the sole receiver of all the profits.
You Own Whole Share Of Profit
The proprietor is only owner of the business and therefore he owns the whole share of the business profit.
Direct Incentive
A sole proprietor is the only person who gains all the benefits arising from the business.
Process
Sole Proprietorship Firm Registration In 6 Easy Steps
How to Decide a Company Name
Unique Name
Check for unique sole proprietorship name that helps recognising the proprietorship firm distinctly and build brand value.
Business Activity
A part of business name should suggest the business activity so that consumers can easily relate business with its offerings.
Short and Simple
The name should not be unnecessarily long and should be simple enough to spell and remember.
