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Proprietorship Registration in Bangalore

Get Proprietorship Registration at Rs 5000/- (Inclusive of all cost)

TAKES 10 WORKING DAYS

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PROPRIETORSHIP REGISTRATION





    2,999 + GST + Govt. Fee
    Limited Time Period Only. No Hidden Charges

    Overview

    A sole proprietorship is a business that is owned and managed by a single person. Under sole proprietorship all business transactions are done in the name of proprietor only. Unlike other forms of business registrations, there is no specific registration as a business entity. Since its nothing other than the individual himself, the liability of the sole proprietorship is unlimited. You don’t have to worry how to register a proprietorship in Bangalore as legalsyne is there to provide all the assistance that you need.

    Read also: 6 THINGS TO KNOW BEFORE REGISTERING YOUR STARTUP

    The Incorporation Process for One Person Company in India Are As Follows:

    Incorpotation Process Explained

    Incorpotation-process-explained

    Documents Required for Proprietorship Registration in Bangalore

    You need to have the following set of documents before proceeding for proprietorship  registration in India :

    • Copy of PAN card of proprietor (self attested)
    • Copy of address proof of proprietor (self attested)
    •  Authorization Letter approving legalsyne to appear on Behalf of you (we will prepare)
    • Signed copy of Proprietorship Charter (we will prepare)
    • Copy of Rental Agreement of premises.

    6 THINGS TO KNOW BEFORE REGISTERING YOUR STARTUP

    OPC vs Sole Proprietorship

    s hard to digest all if it is at one stretch. So an introduction about a business or start up formation options is vital for deciding the right form of business registration. The Companies Act, 2013 and Limited Liability Partnership Act, 2008 have brought more business formation choices for entrepreneurs. The key factors that influence the legal form of a business are nature of your business, customer’s profile (corporate, small businesses or individuals ), expected business turnover, scalability  of your business idea and future funding prospectus.

    Every entrepreneur/promoter should take the pain to know about the pros and cons of these legal forms before going for proprietorship registration in Bangalore.

    Formation Sole Proprietorship Private Limited Company Limited Liability Partnership Partnership One Person Company (OPC)
    Do I need a Registration? No legal requirement to do-so. Yes, Ministry of Corporate Affairs registers Private limited company under the Companies Act, 2013 Ministry of Corporate Affairs registers an LLP business under the Limited Liability Partnership Act, 2008. Yes. Register with Registration of Firms Yes, Ministry of Corporate Affairs registers One Person Companies under the Companies Act, 2013
    What type of business names can I keep? Promoter can use any name that he likes, but avoiding names already trademarked is advisable. Firstly, submit a set of names to Registrar of Companies, wait for approval from Registrar. Best practice is that the names submitted must be inoffensive, legal and not similar to any registered LLP’s or companies Firstly, submit a set of names to Registrar of Companies, wait for approval from Registrar. Best practice is that the names submitted must be inoffensive, legal and not similar to any registered LLP’s or companies. Firm can use any name that he likes, but avoiding names already trademarked is advisable. Firstly, submit a set of names to Registrar of Companies, wait for approval from Registrar. Best practice is that the names submitted must be inoffensive, legal and not similar to any registered LLP’s or companies
    How risky is it for me? Promoter will stand liable for the liabilities of the business. Because the business is not considered as a separate legal person/entity. Private Limited Company is a separate legal person in the eyes of law, registered under Companies Act 2013. So, the shareholders are not responsible for business liabilities. “LLP” is a separate legal person in the eyes of law, registered under LLP Act 2008. So, the partners are not responsible for business’ liabilities. Partners will stand liable for the liabilities of the business. OPC is a separate legal person in the eyes of law. So, the share holder is not responsible for business liabilities.
    To what extent is each member of the business liable? Unlimited liability. Liability is limited to his/her share capital contribution. Liable to the extent of their contribution (in money, in kind or in services extended) to the LLP. Unlimited liability. Liability is limited to his/her share capital contribution.
    Tell me the minimum membership limit. 1 People 2 People 2 People 2 People 1 People
    Is foreign ownership allowed? NA Yes Yes No NA
    How much will I get taxed? Individual income tax slab of proprietor is the basis of taxation. Profits get taxed at 25% plus cess and surcharge is applicable if profit exceeds 1 Cr. Profits get taxed at 30% plus cess and surcharge is applicable if profit exceeds 1 Cr. Profits get taxed at 30% plus cess and surcharge is applicable if profit exceeds 1 Cr. Profits get taxed at 25% plus cess and surcharge is applicable if profit exceeds 1 Cr.
    What are my annual tax filing norms? Only Income Tax must be filed on the basis on proprietor’s income. Every financial year Private Limited Company must file Annual Accounts and Annual Return with the Registrar of Companies. Plus, Income Tax must be filed separately. Every financial year Annual Statement of Accounts & Solvency and Annual Return with the Registrar.Plus, Income Tax must be filed separately. Only Income Tax must be filed for the income of firm and partners. Every financial year OPC must file Annual Accounts and Annual Return with the Registrar of Companies. Plus, Income Tax must be filed separately.
    Is Annual Audit Required? Only income tax audit is applicable if the turnover exceeds limit of 2 Cr Statutory audit is to be conducted irrespective of business transaction and turnover. Income tax audit is applicable if turnover exceeds 2 Crs Statutory audit is to be conducted if partners contribution exceeds 25 lakhs or turnover exceeds 40 lakhs. Income tax audit is applicable if turnover exceeds 2 Crs Only income tax audit is applicable if the turnover exceeds limit of 2 Cr Statutory audit is to be conducted irrespective of business transaction and turnover. Income tax audit is applicable if turnover exceeds 2 Crs
    Can I convert my business into any other legal form?? NO Yes, Private Limited Company can be converted into a Public Company or LLP. Even, Public Limited Company can be converted into a Private Limited Company. Yes, Private Limited Company can be converted into a Public Company or LLP. Even, Public Limited Company can be converted into a Private Limited Company. Yes, Partnership can be converted into a Private Limited Company or LLP. OPC could be converted into any legal form. But, it depends on the number of promoters, business operations, funding requirements and other factors. Limited Liability Partnership or Private Company is preferred by promoters when seeking expansion of their OPC
    Compulsory Conversion to Private Limited Company Applicable? Yes. If turnover exceeds 2 cr NO NO NO NO

    Faq

    What is sole proprietorship?

    It is a type of business model that is owned and controlled only by one person.

    Who can start sole proprietorship company in India?

    Any Indian can start a sole proprietorship company.

     

    How long does it take for proprietorship registration in Bangalore?

    It takes around 10 working days to complete the registration process.

    How to register a proprietorship company in Bangalore?

    You need to select a name and address for your business and get it registered with the concerned registrar of firms, open a current account in a bank and start your business. You can also contact us for any support during the registration process.

    Can others invest in my sole proprietorship business?

    No, this kind of business is owned and operated by one person only. So, others can’t invest in this business. However, you can transfer to a different business model if you want to accept investors. Legalsyne can help you with the transfer and the new registration.

    Do I have to register for GST for my proprietorship company?

    There are numerous conditions for GST registration such as your annual income, products you sell/services you offer, mode of business and more. Consult us and we can help you with sole proprietorship registration in Bangalore as well as GST registration.

    How can Legalsyne help me with proprietorship registration in Bangalore?

    At Legalsyne, we have a dedicated team to help you with the registration process from the start to the end. We will help you with the authorisation letter, fill Form 1 in the concerned office, verification and getting the certificate of registration.

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      WHY LEGALSYNE TO REGISTER A COMPANY IN INDIA?


      Legalsyne was founded in 2014 and from then we lead the way of innovation in corporate laws, accounting, taxation, labour and legal services.
      If you want to start business in India, Legalsyne is your best bet. The team Legalsyne is led by seasoned players in Industry, with more than 20 years of experience in corporate laws, finance and taxation. The firm also has a strapping presence of young and energetic professionals and this blend of experience and vivacity is, we believe, the driving force behind the success of Legalsyne and its associates.
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      Individual attention and single point of contact help us register 1000 plus businesses and its counting.
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      #179/2, GVR Ikon, 10th A Main Road, Double Road, Indiranagar 2nd Stage, Bengaluru-560038
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