Register Your Sole Proprietorship with Ease with FastLegal - Your Trusted Legal Partner

FastLegal makes Sole Proprietorship registration quick and easy. Our user-friendly online registration process and expert guidance ensures a hassle-free experience.

Register your Sole Proprietorship today and take the first step towards achieving your entrepreneurial dream.

Register your Sole Proprietorship with Fastlegal

With our team of experts easily register your Sole Proprietorship completely online in 3 simple steps-
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Fill the form and provide documents.
Just fill your contact details and share required documents for firm registration.
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Sign and share the documents.
Our team of experts will share required document for signatures, just sign and share scanned copies.
filing
Filing of registration Application
Registration application is filed with concerned authority, and we will keep you updated on status.

Documents required for Sole Proprietorship registration

Initially, you need to provide following information

  • Name of proposed firm
  • Business objects of the firm
  • Mail addresses and contact numbers of Proprietor.

Documents required are as follows:

  • Address and identity proof
  • PAN card, KYC documents and
  • Rental agreement or sale deed (in case of Shops & Establishment Act Registration).

Documents required for opening a current account

To open a current account, the following documents are required;

  • Proof of the existence of your business
  • Shops & Establishments Act Registration
  • PAN card
  • Address and Identity proof

Features of Sole Proprietorship firm

  • Single Ownership: A Sole Proprietorship is a business structure where one person owns and operates the entire business. This makes it easy to start and manage a business with minimal legal formalities.
  • Unlimited Liability:The proprietor is personally liable for all the debts and obligations of the business. This means that the proprietor’s personal assets may be used to settle any debts or legal claims against the business.
  • Tax Benefits: The proprietor can claim tax deductions for business-related expenses, which can help reduce the taxable income and lower the tax liability.
  • Easy to Close: A Sole Proprietorship can be easily closed by the proprietor, as there are no formalities or legal requirements to be followed.
  • Flexible Management: The proprietor has complete control over the business and can make decisions without any interference from other shareholders or partners.
  • Easy Compliance: Sole Proprietorship firms have fewer compliance requirements compared to other business structures such as Private Limited Companies, making it easier to run and manage the business.

Compliance requirements for Sole Proprietor firm

  • Compliance: As a Sole Proprietor, you are required to file your income tax returns and pay your taxes on time. You should also keep track of all your business expenses and maintain proper accounting records.
  • Compliance: If your business has an annual turnover of more than Rs.20 lakhs, then GST registration is mandatory. You should file your GST returns and pay your taxes on time.
  • and Permits: Depending on the nature of your business, you may require various licenses and permits such as FSSAI, trade license, or professional license. You should ensure that all the necessary licenses and permits are obtained and renewed on time.
  • Employment Compliance: If you have employees, you should comply with all the labor laws and regulations, such as minimum wages, provident fund, and employee insurance.
  • Regulatory Compliance: Depending on your business, you may need to comply with other regulations, such as environmental regulations or data protection regulations.

Why Fastlegal

We make it easier for entrepreneurs to get their firm registered online from the comfort of their home. With Fastlegal, you can get your firm registration done in just 7-10 working days. We provide a comprehensive package that includes not only the registration process but also guidance through the entire process. This includes post-registration services like GST registration, filing of annual returns, and maintenance of statutory records.

Frequently Asked Questions

OPC is a unique form of business structure that allows a single individual to operate and manage a company with limited liability.A Sole Proprietorship firm is a type of business structure in which a single individual owns and runs the business.

Some benefits of registering a Sole Proprietorship firm include minimal compliance requirements, low registration fees, and full control over the business.

The documents required for registering a Sole Proprietorship firm include PAN card, identity proof, address proof, business address proof, bank account, GST registration, and licenses/permits

The registration process for a Sole Proprietorship firm can take anywhere between 7-14 working days, depending on the completion of documentation and other formalities.

Yes, a Sole Proprietorship firm can be converted into another business structure, such as a partnership or a private limited company.

Yes, it is mandatory to have a bank account in the name of the Sole Proprietorship firm for all financial transactions.

GST registration is mandatory for a Sole Proprietorship firm if the annual turnover is more than Rs. 20 lakhs.

The compliance requirements for a Sole Proprietorship firm include tax compliance, GST compliance, licenses and permits, employment compliance, regulatory compliance, and annual compliance.

Limited Liability Partnership

ā‚¹ 6500 + GST includes govt.fee
    Benefits
  • Suitable for Service & Small Business
  • Limited Personal Liability
  • Separate Legal Entity
    Package Inclusions
  • Drafting of LLP Agreement
  • Certificate of LLP Incorporation
  • DIN & DSC of 2 Designated Partners
  • PAN & TAN of LLP
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