Every type of business has its benefits. You can come across different kinds of companies that are effective and professional. Once you know the different rules and regulations about everything, you can take the best decisions.
Have you ever heard about sole proprietorship? Well, it is the most widespread type of business ownership in the world. As the name says, it is a type of business wherein a single person is conferred with the ownership of the assets and all the affairs of the business. Once you are up for this type of business, you can look into the Sole proprietorship registration fee and do the needed things. Anyhow, have a look at benefits of this type of business.
Convenient to establish
A sole proprietorship business does not have any specific types of registration requirements and the proprietor’s legal identity gets used by the business. Hence, a proprietorship can easily be started without any type of registration. By making use of the PAN and Aadhaar of promoter, Trademark Registration or, Udyog Aadhaar registration can be achieved optionally to form and guard the identity of the specific business.
Ease to operate the business
There is no doubt that this type of business is easy to operate as compared to the other ones. As there would be a single person at the wheel of affairs, it is convenient to operate because there would be a specific person who will be the sole decision maker and he would not have to consider an excess of opinions. There is no idea or concept of a board meeting or approval from other individuals in a proprietorship firm. Thus, the only person running the business would be the power in the business. Since there would be no participation of any other individuals in the affairs and decisions; things would be much more convenient and effective.
Sole beneficiary of the perks and profits
No other business, other than this type of a sole proprietorship and one person company, gets the owner as the sole beneficiary of perks and profits. In all other kinds of an entity such as a partnership, company or LLP, a minimum of at least two individuals are involved. So, certainly, since there are two people involved in the business, the profits get divided apparently. But that is not the case in the realm of sole proprietorship business.
Taxation and compliance
Since a proprietorship company is not registered with any type of Government authority, the compliance requirements are negligible. Moreover the proprietor is only going to have to file income tax returns if the company has taxable income of more than Rs2.5 lakhs per annum. In case proprietors who enjoy the age of 60 years or more during previous year, income tax filing shall be needed only if the taxable income is more than rupees 3,00,000. There are many small yet amazing things in this realm if you dig deeper.
Thus, you should get sole proprietorship business registration and get started with your kingdom. You can make the best of this type of business!