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Sole Proprietorship Registration Requirements in India
Posted by enterslice on December 14th, 2018
Are you planning to avail Sole Proprietorship Registration for your new business? If yes, then wait for a few minutes. There are many elements that you should surely know before enrolling your firm or shop as this particular business entity.
You should fully understand what Sole proprietorship, actually means Deion Jones Color Rush Jersey , what are the advantages and disadvantages it offers, and more. So, in this blog, we have covered the following topics:
Definition of Sole ProprietorshipWhat is meant by Sole Proprietorship Registration?Advantages of registering your business as Sole ProprietorshipDisadvantages of Sole Proprietorship enrolmentDocuments required for Sole Proprietorship RegistrationThings to be done after obtaining Sole Proprietorship Registration
Definition of Sole Proprietorship
Sole Proprietorship is neither a company nor a corporation but a business exclusively owned by an individual. If a person owning any products or services starts selling it Keanu Neal Color Rush Jersey , then heshe becomes a sole proprietor of that particular business.
What is meant by Sole Proprietorship Registration?
Sole proprietorship registration is a process of enlisting your small business as a sole proprietorship. The motive is to open a current bank account and start a business of own.
The registration process is completely online. For the same, the desirous person will require to start with a few basic requirements such as having a Current Bank Account on the name of the business to support the ease of doing business.
In India, it's easy to start a sole proprietorship with less compliance and less costing. You can register your sole proprietorship business under any of these:
Shop and Establishment Registration under the laws of the respective statesRegistering as SMEGST Registration
Many people tend to confuse sole proprietorship with one person company limited. However, there’s a huge difference between a sole proprietorship and One Person Company.
Advantages of registering your business as Sole Proprietorship
When you register your business as a sole proprietorship Sean Harlow Color Rush Jersey , you don't have to keep much compliance into considerations. You're the sole owner of the business, and hence, there's no involvement of anybody else in your business. Likewise, sole proprietors can avail many such benefits as follows:
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Similarly, there are a plethora of benefits that sole proprietorship business offers.
Disadvantages of Sole Proprietorship enrolment
Undoubtedly, it has many advantages to offer. But everything comes with a negative impression as well, and hence Takkarist McKinley Color Rush Jersey , a sole proprietorship is no exception. It, too, has many disadvantages among which the major of them are as follows:
If the business fails, the personal assets of the owner can be seized by the court;Because of unlimited liability Isaiah Oliver Color Rush Jersey , banks, investors, and other financial institutions fear to provide. Cheap Jerseys Free Shipping Cheap New Jerseys Cheap Sports Jerseys Cheap New Jerseys Cheap Jerseys Online Wholesale Jerseys Wholesale Jerseys Wholesale Custom Soccer Jerseys Wholesale NHL Hockey Jerseys Cheap NBA Basketball Jerseys |
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