A sole proprietorship is a business owned and run by just one person. It’s the simplest business structure, with few formalities to set up. The owner keeps all profits but also bears all financial responsibility. This makes it ideal for freelancers, consultants, and small businesses just starting out. A sole proprietor can own the business for any duration of time and sell it when he or she sees fit. As owner, a sole proprietor can even pass a business down to his or her heirs.
Registration of Sole proprietorship firm takes the shortest time and can be completed within a min. of 2 days. Despite registration taking the shortest time possible, this solely depends on government procedures and approvals during the time of your registration.
The Government’s registration fee starts at Rs.500 while professional fees start at Rs.2500 and the variance would depend based on the type of business, number of employees and location of the business and even the requirements to be met while registering your particular business.
Rajesh M & Company is a Hyderabad-based Chartered Accountants’ firm providing Auditing, Accounting, Registration, Taxation and other Financial Services.
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