A sole proprietorship, also known as a sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.
The cost to start a sole proprietorship business is less expensive than other business organization types. Startup costs will vary based on the nature of your business as well. Here in this article let us understand how much does it cost for a Sole proprietorship registration.
How much does a sole proprietorship cost?
As compared to other organizations, Sole proprietorship is the easiest and convenient way of Company Incorporation. The liability with this business organization type is unlimited. You also need to register for sales and service tax. It’s the easiest type of business to set up because you don’t need to file with the state as you do with an LLC or corporation.
Below mentioned are the requirements for opening a Sole Proprietorship firm in India.
- Every entrepreneur will have some equipment needs, even if it’s just a new computer or upgrades to your current one. You need to factor in repair costs, and other related electronic equipment like cell phones, monitors, etc.
- This can be anything from purchasing business cards, creating fliers, cell phone time, printer ink, and other hidden costs you might not be expecting. If you don’t have a website, you will need one, so at a minimum, you’ll have the domain registration fees and hosting costs.
- This can often be the least expensive aspect of a new business, but you will have added costs for things like parking, meals, travel, event fees, and more.
- Depending on what your business is, you may need to expand your wardrobe. You may need to purchase a few suits or other attire and that can be a startup cost you need to factor in.
- Along with that, you will have to look after the license and documents required for Sole Proprietorship Registration, below mentioned are the documents required for Sole Proprietorship registration in India.
- Aadhar Card
- PAN Card
- Bank Account
- Registered office proof
- Registering as SME
- Shop and Establishment Act License
- GST Registration
- MSME registration
For registering a Sole Proprietorship, the above-mentioned documents are mandatory, to avail GST registration, MSME registration, and Shop Act license, you can visit the Online Registration Portal.
Once you get all the above-mentioned requirements, you will have to visit the Online Sole Proprietorship Registration portal and get done your Company Incorporation. So now you are aware of the cost and pricing of Sole Proprietorship firm registration in India, it will be surely useful for you to grow your business. If you’re wondering for Sole proprietorship company incorporation then you should visit the Online Sole proprietorship registration portal.
Further business accounting needs can be taken care of by EZOTO Software – By Downloading this invoice app you would be able to manage invoice, accounting, credit, inventory, customers, etc and fulfill all your accounting needs.