Without a doubt, one of the most well-liked business models in India is the sole proprietorship. The business process is smoother since, in contrast to other organisations, it abides by less compliances. One individual is in charge of managing every aspect of the business in this type of organisational structure. The owner of a sole proprietorship must give permission for any outside parties to intervene in any area of the firm or the way it is being run.
Different benefits are provided by each business form. The sole proprietorship business model provides its owners with the following major advantages.
There is no registration process required for an applicant who wants to manage their business affairs as a Sole Proprietor. To operate lawfully, they just need to get licences or registrations that are specific to their line of work.
The sole proprietors act as the only owners of their companies and have complete control over their financial results.
In terms of decision-making, sole proprietorship businesses outweigh other business models. It grants the owner total authority to make any decision on corporate activities without interference from anyone else.
The financial records of a business owned and operated by one person are not subject to mandatory auditing obligations. It only enters into effect after a company's revenue exceeds a predetermined turnover threshold supported by the relevant authority.
Here are the list of Sole Proprietorship Registration eligibility :
The steps to incorporate a sole proprietorship company are as follows:
Here are the list of documents required for Sole Proprietorship Registration :