How to Start a Sole Proprietorship Firm in India

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A sole proprietorship is any business that is a

single person operation. It also is the oldest, most

universal and elementary way to set up a business.

What differentiates a sole proprietorship from a

limited liability company or a corporation is that

the business owner cannot be separated from their

business. The owner has "sole" control over all

aspects of the business. Here are some guidelines

to help you start a sole proprietorship.https://www.mycorporation.in

Decide on a Name for your Business

Research it to avoid trademark infringement. This can be done by entering the desired name into a search

engine or exploring your county or state's fictitious name database.

Register your Business Name

• Register the name of your business with the Secretary of State or the Department of Corporations in your jurisdiction. If you will be doing business under a name other than your own (such as "Custom Crafts" rather than "Mary Smith's Artwork"), you may have to register that name as a DBA ("Doing Business As") or fictitious name.

Secure the Necessary Permits

• Acquire the federal, state and local permits needed to conduct a sole proprietorship business. These may include state and local licenses for tracking and monitoring businesses for tax purposes and to operate legally; tax registration; licenses to sell particular products, such as alcohol or fuel; and building, zoning, environmental and health permits.

Prepare Business Plan that Outlines your Goals

• Your business plan should include a standard balance sheet, a statement of income and a cash flow analysis. A business plan will assist you in apportioning resources correctly, deal with unexpected situations and make informed decisions. Templates for writing business plans are available online or by contacting the U.S. Small Business Administration.

Open up Bank Accounts

• Open a separate bank account in the business name, even if the business is operating under your name.

Maintain Financial Records

• Invest in accounting software or hire an accountant or bookkeeper to keep the financial records for your business organized.

Seek the Advice of an Attorney

• By consulting with an attorney, you ensure that the legal concerns involved with starting a sole proprietorship are addressed.

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