New Startup - Proprietorship Firm
"Proprietorship Firm"
Features of Proprietorship
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One person can start the business in simple form and he will be the sole owner of the business having all rights in decision making
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This form will be generally used for small businesses and it can be started with minimal capital requirements
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In this case there is no limited liability so the proprietor and proprietorship will be considered as same entity
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Proprietorship also needed to follow certain tax rules and licenses based on type of business
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Low tax Liabilities
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Minimal registration process
Documents required for registering a sole Proprietorship
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Voter ID/Passport/Driving License
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Photographs
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PAN Card
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Latest Bank statement/Telephone Bill
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Rental Agreements / Sale deed
Other Registrations
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GST Registrations
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TAN Registration
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Shop & Establishment
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MSME Registration
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FSSAI Registration (if food business)
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Trade Mark Registration (if applicable)
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Assistance in Bank Account opening
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Annual Compliances for Sole proprietorship
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GST Compliance
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Income Tax Return filing
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TDS Returns
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Drafting Financial Statements
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Tax Audit compliance
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Accounting & book keeping
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How do you approach R2B?
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