Any Indian citizen holding a PAN card and with a current account in the name of his/her business can start a sole proprietorship. Registration requirements depend up on the type and threshold of the proposed business.

A Sole Proprietorship business does not take more than 15 days to set-up and start functioning. This simplicity makes it popular among small traders, merchants and service professionals. It's also much cheaper too in terms of legal compliances.

Most local businesses are run as sole proprietorships form, from grocery stores to fast-food vendors, small traders & manufacturers and small serivce professionals. It doesn't mean that a larger businesses cannot operate as sole proprietorships, they can! but it is not recommended.

This depends on the nature of the business and if the threshold turnover in a financial year exceeds Rs 20 lakhs (Rs 10 lakhs in the case of North Eastern states), you need to get a GST registration. Further if the businesses is involved in selling goods or services to customers out of a commercial establishment, it is mandatory to register under Shops and Establishments Act.

Yes, Running an LLP is generally more cost-effective than operating a private limited company, largely due to the difference in regulatory requirements. For instance, LLPs are only required to undergo an audit if their turnover surpasses a certain threshold, while this obligation applies to private limited companies regardless of their revenue.

It is very common for sole proprietors to convert their business into a partnership firm or private limited company at a later stage. The whole procedure involved, is little tedious but it is possible. Contact us for further procedural details.