A sole 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 owner is in direct control of all elements and is legally accountable for the finances of such business.
The sole trader receives all profits and has unlimited responsibility for all losses and debts.
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1. Complete control and decision-making power over the business
2. Sale or transfer can take place at the discretion of the sole proprietor
3. No corporate tax payments
4. Minimal legal costs to forming a sole proprietorship
5. Few formal business requirements
PROCEDURE FOR REGISTRATION
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Reserve Unique Name procedure
INC 32 with Spice INC – 33 (MOA) and Spice INC – 34 (AOA)
Affidavit and Declaration
Collect affidavit and declaration of subscribers and ID proof and address proof of subscribers
Collect Utility bill (Electricity bill, Water bill, Telephone bill etc.)
Collect Office address (Rent agreement with rent receipts or NOC [No Objection Certificate] and Building Tax Receipt
1. Passport Size Photograph
2. Identity Proof (ID Card)
3. Address Proof - Aadhar Card/ Bank Statement/ Electricity Bill/ Water Bill/ Telephone Bill
4. Office Address (Rent agreement with rent receipts or NOC building tax receipts.and