A sole proprietorship essentially means that it is a one-man-show. This kind of a business is owned, managed and handled by a single person whoâ€™s in complete control of each and every aspect of the business. Itâ€™s where a single entity is held accountable for elements like profit, loss, debt etc. which also indicates that there isnâ€™t really any distinction between the owner and the business entity.Itâ€™s also one of the most common types of businesses opted by small businesses in Indiaâ€™s unorganized sectors who expect to have a limited existence. Obviously, itâ€™s one of the easiest to start with very few requirements regarding the regulatory compliance for incorporation like a few registrations which MyOnlineCFO can help you manage within 7-10 days* (*subject to government processing time).
Proprietorship Startup Process
Since Proprietorship is the simplest form of business hence there is no specific process for incorporation.
Method 1-Â Service Tax Registration: – One such method is Service Tax Registration. Service Tax Registration takes 7-10 days subject to government processing time.
Method 2-Â MSME Registration: – Another method of establishing identity of a proprietorship business is through MSME registration. It will take 5 to 10 days for MSME Registration subject to government processing time.
Method 3-Â Shop & Establishment Registration: – Another One and popular method of registration under shop & Establishment Act. ThisÂ Registration takes 7-10 days subject to government processing time.