WAYS TO FILE YOUR TAXES
BAR CODE REGISTRATION
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What is Sole Proprietorship?
A sole proprietorship is a business that is owned and managed by a single person. You could have one up and running within 15 days, which makes it very popular among the unorganised sector, particularly small traders and merchants. There is no such thing as registration; proprietorships are recognised by other registrations, such as a service tax registration or sales tax registration. As you would imagine with a business that’s so easy to set up, though, its shortcomings are severe: the liability of the proprietor is unlimited and it does not have a continuous existence.
6 Registration Options
At HLR search, we can make you a sole proprietor in six different ways, by getting you a VAT, service tax or professional tax registration, a Shops & Establishments Act Registration, an Import-Export Code or an MSME registration.
160 Strong Team
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.
Advantages of a Proprietorship
Sole Proprietorships are only recognised via their government and tax registrations, so the extent of their compliance is limited to the annual filing of their service, professional or sales taxes.
Easy to Start
A sole proprietorship could take 15 days to start if all you need is a Service Tax Registration, but this would stretch to even 45 days if you need Sales Tax Registration. Either way, the process is uncomplicated. PAN card and identity and address proofs are enough to get them done.
A Sole Proprietorship is inexpensive as compared to a One Person Company (OPC) and, thanks to the minimal compliance requirements, is inexpensive even over the long-term. You would not need to hire an auditor, for example. This is why, despite its severe shortcoming (unlimited liability), small merchants and traders opt for it.
Sole Proprietorship Registration Process
1 Working Day
We will help you decide what registration you need, whether service tax, sales tax, import/export code, professional tax or Shops and Establishments Act registration. We will also inform you of the documents you need to get started.
15 Working Days
We will offer our complete support until you receive the registration you’ve selected. This could take up to 15 days in some cases, but as few as 5 days in others. This depends on the workload of authorities and other externalities.