Income Tax
We will provide income tax return preparation, Revised return, Responding to Department notices and solving other Income Tax related issues.
Proprietorship Registration
The most common and simplest form of business is a sole proprietorship. Many small businesses operating in the India are sole proprietorships. An individual proprietor owns and manages the business and is responsible for all business transactions.
Timeline - 2 Working days
Proprietorship Registration
Who is a sole proprietor?
As the name signifies sole proprietor is the natural person financing, managing and carrying out all related operations of his business solely. He runs his venture, bears all the risks and gains and becomes the masters of his business. He can adopt a trade name or business name which is other than his legal name to separate his personal connection.
Who prefers the sole proprietorship?
- It do not have any complexities involved
- Owner is the sole earner of all the profits
- Control is not diluted and stays in one hand only
- Quick decision undertaking
- Personal touch and thus customer satisfaction
What are the Characteristics of Proprietorship ?
01.
Ownership
As the sole proprietor, the business owner makes all business decisions. The owner controls and manages the proprietorship while creating and implementing changes. The sole proprietor may have several employees, but it is common for the sole proprietor to be the business’s only employee.
02.
Unlimited Liability
As the sole owner of the business, the sole proprietor accepts complete responsibility for the business’s liabilities, as well as its income. The owner is financially responsible for the business’s debts, expenses and payables and creditors can garnish the sole proprietor’s personal income if the business falters or fails.
03.
Risk
Since the sole proprietorship accepts all the risk, the proprietorship is often subject to less restrictive regulations than partnership and corporation entities. The sole proprietorship is not required to charter the business with the state, though the business may be required to register the business’s name and operations.
04.
Easy Setup
Easy setup is one of the main characteristics of a sole proprietorship. Independent business entities, such as corporations and LLCs, must file business formation paperwork with a state agency before operating. Drafting the paperwork, filing it and receiving approval from the government can take weeks and cost Thousands of Rupees.
05.
Easy Dissolution
Its dissolution is very simple because there are no legal restrictions required for its dissolutionand it can be dissolved at any time.
06.
Management
By legal definition, a sole proprietorship can have only one owner. This characteristic means that the buck starts and stops with the owner. The sole proprietor does not have to answer to a board of directors or a business partner. There is no need to draft bylaws or a partnership agreement to control operations and management.
07.
Flexibility
Sole proprietorship is very simple to change the nature of business according to change in market trends due to entire control and less resources. For example, a person who is doing the business of fast food may involve in the business of cloth at night.
08.
Free from Legal Formalities
A sole trade business is not expected to meet any legal requirement. A sole trader may engage in any business unless license is required under law. Suppose, he wants to open a cloth shop or a grocery store, he will do it but if he wants to open a restaurant he will have to obtain a license before opening the same.
09.
Secrecy
It is also an important characteristic of sole proprietorship. All the decisions are taken by the proprietor himself. He is in a position to keep his affairs to himself and maintain perfect secrecy in all matters.
Limited Liability Partnership
We Serve Everywhere
Thewealthbridge.in is web portal of the Virutchamwealth Bridge Private Limited is one stop business setup and consulting company, managed by specialized team of Business Analysts,Company Secretaries, Chartered Accountants, Corporate Lawyers and Financial Professionals company headquartered in Vellore,Tamilnadu, India. Having known for our quality of services, delivering the projects on time, we have clients spread across the globe
Business Licenses
Our Professionals Will help you in getting your business licenses and Business licenses necessary for smooth running of businesses
Financial Services
we will Provide Funds for both personal and Business. Our funding system gives a credit line facility, enabling you to expand your business to new heights
Gst Returns
We will make your business to GST Compliance. Returns are required to be filed digitally online through a common portal to be provided by GSTN
What are the Documents required for Formation of Nidhi Company?
- PAN card and Residence Proof of directors of the company
- Copy of Rental Agreement / EB Card Copy of Registerd Office
- Copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
- Passport Size Photograph
- Specimen signature (blank document with signature [directors only])
- copy of Passport (In case of Foreign Director)
What Includes in this package?
- Verification of Documents
- DSC and DIN for 3 Directors
- Name approval and ROC fees
- Drafting MOA & AOA
- Following until Certificate is allotted
- Applying PAN & TAN
Proprietorship Registration
FAQ
A Sole Proprietorship only involves the owner. Any income that the owner receives will need to be reported under the social security number for tax reasons. There is no special procedure that needs to be followed in order to open a Sole Proprietorship business.
A sole proprietorship is an unincorporated business that is owned by one person.
The sole proprietor is personally liable for financial debts of the business and any claims brought against the business to the full extent of his personal assets.
There are no legal requirements for establishing a sole proprietorship or a partnership, other than to register the business name. It is always recommended to consult with a lawyer to ensure that you are structuring your business appropriately for your current and future business needs and that you are aware of all your legal obligations.
The IRS sees the sole proprietor and the business as the same for income tax purposes. The sole proprietor pays income taxes on the profits of the business as though it were personal individual income.
Yes, unless you are using your personal name as the name of a sole proprietorship.
About Wealth Bridge
We Help You To Form Your Company In A Simple Way Wealth Bridge Will Making More Possibilities which aims at providing much-needed funds to businesses across the trading and service industry
Popular Links
Useful Links
Head Office
2nd Floor, #23, 8th East Main Road
Gandhinagar, Katpadi, Vellore
(+91) 416 2241199
(+91) 86677 53901
Branches
ARAKKONAM OFFICE
# 10/1, Thiruthani High Road ,
Upstairs to Central Bank ,Jothi Nagar,
Arakkonam , TamilNadu - 631003
Phone:+91 6381184522 , +91 8012747723.
RANIPET OFFICE
No 126, MBT Road, Mahaveer Complex,
First Floor, Muthukadai,
(NearDarling bakery) Ranipet - 632401
Phone : +91 417 2295006 +91 86675 42148