Proprietorship Entity

Proprietorships are ideal for very small businesses in the unorganised sector. We at MYDBIZ offer Sole Proprietorship registration services at Rs 2,999/- all-inclusive.

A Sole Proprietorship is the most common form of business in India. It is a type of entity that is owned and managed by a single person who is known as a Proprietor. These entities have very little regulatory compliance requirements for starting and operating when compared to that of a One-Person Company or OPC.

About a Proprietor:

A Proprietor is a person who owns and manages a proprietorship entity. He must be a living person and an Indian Resident. A proprietor cannot be a corporate or a legal entity. In a Proprietorship, the PAN and other documents of the Proprietor are the same as that of the entity. The Proprietor is alway held liable in case of any issue.

Advantages of a Sole Proprietorship:

The biggest advantage in starting a Sole Proprietorship is the ease of startup. It is a simplified and less expensive business organisation. Some of the other advantages are as follows:

1. The Proprietor will be having the complete control over the business.
2. A Sole Proprietorship entity requires very minimal reporting requirements.
3. The sole proprietorship tax advantages are simplified reporting requirements and not having to pay separate taxes for the business.

Disadvantages of a Sole Proprietorship:

Starting a Sole Proprietorship entity is extremely easy. Whereas, after the entity is started, a  Proprietorship does not offer the proprietor a host of benefits, such as, a separate legal entity, corporate status, transferability, a perpetual existence which are the most desired features in any business.

MYDBIZ is the market leader in Proprietorship registration services in India. Before we get started with the engagement, all the required information and documents are collected. An engagement manager would be assigned who will also advice you on the type of registrations to be obtained. The average time required to complete a proprietorship registration is 3-5 working days depending on the government processing time and client document submission. Once the necessary registrations are obtained, an application is also submitted to the bank for current account opening.

For more information, feel free to contact us at info@mydbiz.com or call us at +91 9632 993 993.