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Registering a sole proprietorship is straightforward but requires key steps to ensure legal compliance. Here’s a concise guide to get your business operational.
Select a distinct name reflecting your business activity. Verify its availability with local trade registries and ensure it doesn’t infringe existing trademarks. No formal registration is needed, but the name should align with your business scope.
Register for GST if your projected turnover exceeds ₹20 lakh (₹10 lakh in special category states). Additionally, apply for a Shop and Establishment Act license from your local municipal office. Open a dedicated business bank account using your PAN and address proof.
File GST returns quarterly and annual income tax returns. Maintain proper accounting records and adhere to state-specific tax obligations like professional tax. Services like FilingPro (https://filingpro.io/) can streamline GST registration, tax filings, and accounting, ensuring compliance without complexity.