Create a account:
A Sole Proprietorship firm can function under the name of the owner or under an artificial name. There is no law that regulates the guidelines of Sole Proprietorship Firms in India. There is no separate PAN card for a Sole Proprietorship Firm as the PAN number of the Proprietor shall be used as PAN number of the firm.
It is quite famous among the businessmen owing to its simplicity, ease of setup, and the low capital costs. The owner of the sole proprietorship firm signs the documents of the firm under his own name because, as per the law, the sole proprietorship has no separate identity. Hence, all the liabilities of the firm are basically the liabilities of the individual. It is an economical way to start a business if you are not sure about the success of the business because the winding-up process is quite easy. Its formation is easy, and the compliance is very less.
The benefits of sole proprietorship firm are mentioned as follows:
- Self-attested copy of PAN card and Aadhar card
- One softcopy of the Proprietor's Photograph
- No Objection Certificate from the Property owners
- Rent Agreement and Latest Electricity Bill
Draft a Simple Agreement even though that's not mandatory at all, but it's better to have the byelaws.
Apply for GST registration and Shop & Establishment Act Registration.
Open a current account, and then you can start the business.
PAN number of the Sole Proprietorship Firm shall be the PAN number of Proprietor in all the circumstances and therefore Sole Proprietorship does not have the separate legal entity status.
There is no as such portal or law governing the Sole Proprietorship firms in India.
Yes, a Sole proprietorship firm can be easily converted into a Private Limited Company.
A Sole Proprietorship Firm needs to do GST, Income Tax, PF, ESI and other allied laws compliances in India subject to its applicability to the firm as per law.
So, the business which is into the idea stage or the business which wants to work on a traditional mode with least cost and compliance requirements generally prefers the proprietorship firm.
Startupfino is working with Startups since last 10 years with an unparalleled experience of helping fast growing startups. Our Success can be witnessed through the numbers given below.
Startupfino is managing my accounts and its such a relaxed and smooth journey so far , I dont have to worry about timely execution of the work . They manage my invoicing, finances and compliances in a efficient way. I wish karan and team all the very best for the future of this startup .
Startupfino provided Shadowfax with an end to end support in managing compliance and accounts during our early stage and helped us transition to a full fledged finance team post our multiple Venture rounds of Capital. Highly recommended for first time founders who are looking for on-the-call solutions for specialized accounting, taxation and statutory compliances.
I have been working with Startupfino on a couple of our portfolio companies. I have found this team highly responsive and they truly understand issues faced by startups. I would highly recommend them to startups for their accounting and compliance needs.
I have been working with Karan and team with a long time now. Karan’s thought of clarity is remarkable. He is very easily able to distill the problem and provide a solution which suits everyone needs. Would highly recommend others to explore services provided by Karan and his team at Startupfino.
Team FINO has been there with us since we began our journey 5 years back..the reason for our long lasting relationship was the trust that the Fino team members reciprocated. Compliance of both our USA and India entity are handled by them. I’d highly recommend StartUpfino to early stage startups”
Startupfino team are one of the most friendly people to work. They have a deep understanding of the business and help us with all our financial work without any hassles. Add to that a fast turnaround time for any task- they are one of the best start up accounting firms in the market!
I have been working with Startupfino for last 5 years and I really like the way they works. Startupfino helps Truelancer from its very beginning for all of its financial and legal aspects and turnaround the things quickly. This firm is a truly a Startup Founder friendly.
We have been working with Karan and Startupfino for a long time now. The entire DNA of the firm is tuned perfectly for startups. The support which you get from them at the time of crisis really differentiates them from everyone else in the market. Karan is a master of his domain.Highly recommended from our side
The very foundation of a Startupfino is laid down by the founding member of it. Mr. Karan is a great person and getting to know that he is floating his own startup got me really excited. I really love the services offered by StartupFino and now getting these services through a more efficient and controlled platform is going to be truly amazing.
Startupfino team has an unparalleled experience in helping fast growing startups right from their inception to later stage rounds. Startupfino helped Leegality for all the financial and legal matters. Highly recommended and all the best!
We worked with Deepak from StartupFino and the experience has been fantastic. They have good knowledge about Tax compliance and Labour law compliance.This firm is highly recommended for Startup world
We have been working Karan and Startupfino team for almost 5 years now. In any startup legal and financial work takes huge time and the way Karan takes the ownership of the work, as a founder you are able to save lot of time and be tension free. Highly recommended.