{"id":113,"date":"2019-07-15T06:51:35","date_gmt":"2019-07-15T01:21:35","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=113"},"modified":"2019-08-24T17:27:14","modified_gmt":"2019-08-24T11:57:14","slug":"proprietorship-procedure-advantages","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/proprietorship-procedure-advantages\/","title":{"rendered":"Proprietorship : Procedure,Advantages"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/proprietorship-procedure-advantages\/#Proprietorship_-_No_frill_Business_form\" title=\"Proprietorship:- No frill Business form\">Proprietorship:- No frill Business form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/proprietorship-procedure-advantages\/#Advantages\" title=\"Advantages\">Advantages<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/proprietorship-procedure-advantages\/#The_flip_side\" title=\"The flip side\">The flip side<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/proprietorship-procedure-advantages\/#Procedure\" title=\"Procedure\">Procedure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/proprietorship-procedure-advantages\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Proprietorship_-_No_frill_Business_form\"><\/span>Proprietorship:- No frill Business form<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Simply when a person runs a business on own name or independently he is known as proprietor or sole proprietor and his business is known as a proprietorship or\u00a0Sole proprietorship<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1015 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Proprietorship-registration-1.jpg\" alt=\"Proprietorship registration \" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Proprietorship-registration-1.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Proprietorship-registration-1-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Proprietorship-registration-1-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Advantages\"><\/span><b>Advantages<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><b>Easy to start:-<span style=\"font-weight: 400;\"> Setting up a Proprietorship takes the least time &amp; cost.\u00a0<\/span><\/b>As Proprietorship registration does not require any special requirement to be fulfilled, it can be initiated at any time. However, if you want to open a Current A\/c, You will at least require two registration on your Proprietorship name. Call 8080809061 to know which two certificates you might require. As such, there is no legal requirement of <a href=\"https:\/\/aktassociates.com\/blog\/one-person-company-vs-sole-proprietorship\/\" target=\"_blank\" rel=\"noopener noreferrer\">sole proprietorship registration in India.<\/a><\/li>\n<\/ul>\n<ol>\n<li style=\"font-weight: 400;\"><b>Less legal compliance &amp; <\/b><b>proprietorship firm registration<\/b><b>: &#8211;<\/b><span style=\"font-weight: 400;\">\u00a0Being the introductory form of business legal compliances are least, As a proprietor, you need not seek any name or registration as <\/span><span style=\"font-weight: 400;\">this form of business does not require sole proprietorship registration.<\/span><span style=\"font-weight: 400;\"> Just take required certificates Like VAT services Tax &amp; shop licenses and you are ready to start your business.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Less cost of formation and operation:-<\/b><span style=\"font-weight: 400;\">\u00a0As compliance are minimal in a sole proprietorship, It cost you less and also regular compliance is not that engaging as in case of\u00a0Pvt Company or partnership.\u00a0There is no mandatory audit and filing also the tax audit is required when you cross the turnover as provided in the Income Tax Act 1961<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Beneficial Tax rate:-<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Sole proprietorship form of business in India gets many benefits in India<\/span><span style=\"font-weight: 400;\">. The icing on the cake is that a proprietor gets beneficial treatment, That means he pays less Income tax as compared to other forms of business, Further, he also gets deductions on tax savings.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Total control:-<\/b><span style=\"font-weight: 400;\">\u00a0As there is no partners or shareholders, A proprietor is a king of his business, He maintains absolute control on the functioning of business and need not to keep everyone in a loop.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Perfect for Try out ventures:-<\/b><span style=\"font-weight: 400;\">\u00a0If you are planning to try your new idea and don\u2019t want to spend much then\u00a0Proprietorship\u00a0may be the right choice for yours.<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"The_flip_side\"><\/span><strong>The flip side<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><b>Less reliable:-<\/b><span style=\"font-weight: 400;\"> This may not be true however a proprietary firm is not considered as reliable as compared to a company or LLP as there is almost no third party involved, Many Business houses not prefer to give business to a proprietor especially if the proprietor doesn&#8217;t have a track record. Hence if your product or services related to corporate or where you need to show a big business image, Prefer to form an<\/span> <span style=\"font-weight: 400;\">LLP<\/span><span style=\"font-weight: 400;\"> or Company and then proceed.<\/span><\/li>\n<li><b> Financing:-<\/b><span style=\"font-weight: 400;\"> This is the biggest issue with a proprietor firm, As the proprietor have to take out all the initial capital from own sources, Even Bank don&#8217;t prefer to finance a proprietorship firm without any track record. Hence it needs to be taken in mind if your venture requires heavy finance and you planning to finance it from bank or investors better go for<\/span> <span style=\"font-weight: 400;\">LLP<\/span><span style=\"font-weight: 400;\"> or <a href=\"https:\/\/aktassociates.com\/blog\/procedure-private-limited-company-name-change\/\" target=\"_blank\" rel=\"noopener noreferrer\">Pvt Company<\/a>.<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Procedure\"><\/span><b>Procedure<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li style=\"font-weight: 400;\"><b>Choose any name: \u2013<\/b><span style=\"font-weight: 400;\">To start a\u00a0business in proprietorship\u00a0you can choose a name. For Example ABC Enterprises<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Get the important certificate:-<\/b><span style=\"font-weight: 400;\">Take two certificate which identifies you as a proprietor. Depending on you\u2019re your business requirement you need to take some mandatory<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Open Bank Account:-<\/b><span style=\"font-weight: 400;\">some banks even may accept one Certificate of a CA Certificate to open your bank a\/c.However, it is taken as secondary documents<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Get other mandatory certificates:-<\/b><span style=\"font-weight: 400;\">Depending on you\u2019re your business requirement you need to take some mandatory certificates. <\/span>Like if you are a service provider you need to take service tax. If you employ People more than 20 than EPF &amp; ESIC no.<\/li>\n<\/ol>\n<p>Send your business details to <strong>info@aktassociates.com<\/strong> and we will guide what are the certificates mandatory for your business<\/p>\n<p><a href=\"https:\/\/aktassociates.com\/start-a-business\/proprietorship-registration\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1016 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Do-register-your-proprietorship-1.png\" alt=\"Do register your proprietorship \" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Do-register-your-proprietorship-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Do-register-your-proprietorship-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Do-register-your-proprietorship-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Best for a startup to test the water As easy to start to operate &amp; wind up\u00a0Not recommended for an established business for high fund requirement\u00a0It takes several other ingredients to cook a successful Business\u00a0To know what are those ingredients.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Proprietorship:- No frill Business form Simply when a person runs a business on own name or independently he is known &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Proprietorship : Procedure,Advantages\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/proprietorship-procedure-advantages\/#more-113\">Read more<span class=\"screen-reader-text\">Proprietorship : Procedure,Advantages<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Proprietorship | Procedure | Advantages AKT Associates<\/title>\n<meta name=\"description\" content=\"The simplest form of business in India, a sole proprietorship is just a one-personbusiness that does not require firm registration. 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