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What is Proprietorship?
A Self-Owned Business can be registered with any business name, provided it’s legal. There is nothing as proprietorship registration on paper, but it can be recognized as an unorganized business structure under the various departments based on the business set-up and category.
Therefore this is what registration for Proprietorship in Lucknow means, and we help you achieve it.
Proprietorship registration process
Sole Proprietorship is the most accessible form of business in India since any specific laws don’t govern it. Under sole proprietorships, compliance is minimal and easy to fulfil. A sole Proprietorship means a business carried on by one person. The decision-making and management of the company are in the hands of a single person. With Business Buddy, we provide with best Proprietorship Registration services in Lucknow.
Proprietorship registration can be acquired through three methods or processes of registration:
SME Proprietorship registration:
Under the MSME Act, you can register as a Small and Medium Enterprise (SME). The company or the individual can apply electronically. Although it isn’t compulsory to register as an SME, it is highly beneficial, especially when taking a business loan. The Government runs various schemes for SMEs where loans are provided at a concessional interest rate.
Shop and Establishment Act License:
The Shops and Establishment Act License is required to be obtained according to the local laws. It is issued based on the business and the number of employees. Generally, all sole proprietors who own a shop or establish a commercial establishment must obtain this license.
You can register under GST if your annual turnover exceeds Rs. 40 lakhs. Also, if you are doing online business (selling through amazon, Flipkart etc.), you must get a GST number. To register under GST, you need the following documents –
Documents required for Proprietorship Registration:
Records required for Proprietorship registration in Lucknow are very systematic and accurate.
Why do we need a Proprietorship Registration?
A proprietorship encourages those who want to start their own business, i.e. growth of self-employment. People who are with you in relations, family or friends when interacting with you & appreciate your work and the benefit that you are getting through it, encourage them as well. There are a few advantages that are as follows:-
Accessible Tax Filings: As discussed, the owner & business are the same; therefore, capital earned by the sole Proprietorship is under the name of the owner. Hence, tax filings are done quickly.
Whole Control over the Business: Without the legal intervention of anybody, you can run your business under your control, according to you.
Inexpensive Setup-There is no such formalities required for Sole Proprietorship Registration; only a few local licenses and identity verification documents are required.
Getting an expert advisor is always required, but you are better at being your business proprietor if your business requires less involvement.
To receive Proprietorship Registration help in Lucknow, we help our clients acquire all documents and make them into good compilations. Here at Business Buddies, we have made Proprietorship Registration in Lucknow easier.