New Startup - Proprietorship Firm

"Proprietorship Firm"

Features of Proprietorship

• 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

• This form will be generally used for small businesses and it can be started with minimal capital requirements

• In this case there is no limited liability so the proprietor and proprietorship will be considered as same entity

• Proprietorship also needed to follow certain tax rules and licenses based on type of business

• Low tax Liabilities

• Minimal registration process

Documents required for registering a sole Proprietorship

• Voter ID/Passport/Driving License

• Photographs

• PAN Card

• Latest Bank statement/Telephone Bill

• Rental Agreements / Sale deed

Other Registrations

• GST Registrations

• TAN Registration

• Shop & Establishment

• MSME Registration

• FSSAI Registration (if food business)

• Trade Mark Registration (if applicable)

• Assistance in Bank Account opening

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Annual Compliances for Sole proprietorship

• GST Compliance

• Income Tax Return filing

• TDS Returns

• Drafting Financial Statements

• Tax Audit compliance

• Accounting & book keeping

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How do you approach R2B?

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