Scanned copy of PAN Card of all directors
Latest Bank Statement/Telephone or Mobile Bill
Latest Bank statement/ Utility bill in the name of director which should not be older than two months
Latest passport size photograph
Voter ID/Passport/Driver's License
Scanned copy of Any of all these.
Advantages of Sole Proprietorship
Ease of formation
Starting a sole proprietorship is much less complicated than starting a formal corporation, and also much cheaper.
The owner of a sole proprietorship is not required to file a separate business tax report.
Sole proprietorships can hire employees. This can lead to many of the benefits associated with job creation, such as tax breaks.
Control over all business decisions remains in the hands of the owner. The owner can also fully transfer the sole proprietorship at any time as they deem necessary.
Compare your options
|Private Limited||Limited Liability Partnership||One Person Company||Partnership Firm||Sole Proprietorship||Public Limited Company|
|Recommended For||Start-ups and growing companies||Professional services firms||Sole promoters||Home businesses||Small traders and manufacturers||Growth Stage and also for early stage with broad business vision|
|Ease of Accommodating Investment||Very easy to accommodate||Possible, but unlikely||Possible, but severely unlikely||Almost impossible||Impossible||Very easily|
|Limited Liability Protection||Yes||Yes||Yes||No||No||Yes|
|Tax Advantages||Few benefits||Most efficient||Few benefits||Minimal||Minimal||Minimal|