Rating
Rating
Rating
Reach out to our experts and book an appointment with us
Step 1
Provide the required documents and get your queries resolved without any delay
Step 2
Proprietorship Registration – Sole proprietorship is an unincorporated business, owned, managed and governed by one person. This business is one of the most popular business types to begin, specifically among merchants and small traders, consultants, as it can be incorporated in just 15 days and lacks government regulation. It is the easiest and cheapest forms of business to start with. Many businesses start as sole proprietorships and transfer into a Limited Liability Entity.
A sole proprietor is the same as self-employed, they are their own boss. They have complete control and get all the profits. Their business and personal finances are the same and one. But its limitation is that unlimited liabilities and losses are also borne by the owner.
we don’t have to register sole proprietorship. Hence, there is no platform to check the status of a sole proprietorship. However, if a proprietor has applied for GST registration, the GST registration and filing status of the proprietorship can be checked on the GST Portal to confirm the existence of the proprietorship.
| Features | Proprietorship | Partnership | LLP | Company |
|---|---|---|---|---|
|
Definition |
Unregistered type of business entity managed by one single person |
A formal agreement between two or more parties to manage and operate a business |
A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. |
Registered type of entity with limited liability to the owners and shareholders |
|
Ownership |
Sole Ownership |
Min 2 Partners Max 50 Partners |
Designated Partners |
• Min 2 Directors
• Min 2 Shareholders • Max 15 Directors • Max 200 Shareholders For One Person Company • 1 Director • 1 Nominee Director |
|
Registration Time |
7-9 working days |
7-9 working days |
7-9 working days |
7-9 working days |
|
Documentation |
• MSME • GST Registration |
Partnership Deed |
• LLP Deed • Incorporation Certificate |
• MOA • AOA • Incorporation Certificate |