A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business.
Quick & Easy100% AccuracyGet Expert AdviceComplete services under one roofSole proprietorship is the “One Man Business Entity”. It is owned, controlled and managed by a single person called proprietor. The proprietor owns the business in his own name under his own PAN number. He is personally liable for his debts. The sole proprietorship and proprietor are one and same thing.
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1. The Proprietor will be legally recognized as a Supplier of Goods & Services
2. The proprietor can claim the Input tax credit (tax paid on the purchase of goods & services)
3. The proprietor can pass on the credit of the taxes paid on the supply of the goods & services to the purchaser.
4. He can make Interstate sales without restrictions • The proprietor can have a competitive advantage in comparison to other businesses
5. Small businesses ( having turnover of less than 1 crore) can opt for composition scheme to lower their taxes
6. In GST, the number of compliances are less as it has replaced all other indirect taxes
Sole proprietorship business does not need any specific registration. However, the owner is advised to get a few essential registrations to make the business function in a better way like registration in Shop and Establishment Act, a GST registration or a Udyog Aadhaar under MSME
We know the fact that registration in this field is not a cup of tea as the information is always scattered across different sites. Super CA is always here to assist you. Our team comprises legal experts, advisors, professional CAs and CSs who are always there with you in every course of action. We guarantee a hassle-free quick & easy process with 100% accuracy in documents at minimum possible cost.
