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Frequently Asked Questions


As far as Sole proprietorship is concerned, it isn't very easy to raise capital to scale the business. Sole proprietors have limited avenues for raising capital such as Investment of own savings, taking out loans to support the business, advances from commercial banks or borrowing from finance companies. There is no way of raising Equity Capital
All the proprietors below the age of 60 will be required to file ITR if the total income exceeds Rs. 2.5 lakhs. If the proprietor’s age is between 60 - 80 years, then he should file ITR only if his income exceeds Rs. 3 lakh. Proprietors over the age of 80 years are required to file income tax if the income exceeds Rs. 5 lakh.
If the person is registered under GST, then he/she also needs to file your GST Return.
Sole Proprietors need to file the ITR-3 form. It can also be filed by the proprietor online by using the digital signature. A sole proprietor should also deduct TDS and file TDS return if liable for Tax Audit.
Any person who is wanting to start a business from home or on a premise with a minimum amount can opt for Sole proprietorship business type. It can be started within the time span of 10-15 days.
The process is a little bit tiresome but it's possible and you can always choose to do so. It is very common for sole proprietors to convert their business into partnerships and private limited companies after the business starts growing.
This totally depends on the business you're in. If the business has turnover of Rs 40 lakhs or more during a financial year (Rs 10 lakhs for special category North Eastern states) then, it needs to get registered under GST.


Following are the documents required for the partnership firm registration-

➢ PAN Card, Aadhar Card & Photograph of the owner
➢ Rent Agreement and Noc ( If rented property )
➢ Electricity Bill of the premises or any other document. (If self-owned)
➢ Entrepreneurs can opt for a written legal document while starting any business as partners, known as Partnership Deep to run and operate their businesses smoothly. Basically it’s an agreement between individuals wanting to do business together and share profit & losses. It outlines in detail the rights and responsibilities of all parties to a business operation & is helpful in preventing disputes/disagreements over the role of each partner in the business and the benefits which are due to them. It has the force of law and specifies the various terms designed to guide the partners in the conduct of the business.

A registration application form signed and verified by all the partners has to be filed to the Registrar of Firms of the State in which the firm is situated with prescribed fees. The Registrar after getting satisfied with the application and the documents will register it and issue the Registration Certificate.

Registration of a partnership firm is not compulsory under the Indian Partnership Act. Still, it is always advised to get registered in order to enjoy certain special rights and benefits as compared to the unregistered firms. Super CA is here to assist you in preparing/drafting partnership deed with your given terms and conditions. Our team comprises drafting experts, legal advisors, professional CAs and CSs who are always there with you in every course of action..

To be registered by the partners

➢ PAN card / Passport (for foreigners/NRIs)
➢ Driving license or Aadhar card, resident card or election card, or any other identity proof issued by the government.
➢ Latest bank statement or telephone bill or Electricity/Gas Bill.

For Registered office

➢ Scanned copy of sale deed/property Deed (in case of owned property)
➢ Rent agreement and a NOC from the landlord (If rented property).
➢ Any one latest document out of utility bills like gas, electricity, or telephone bill.
➢ Digital Signature Certificate
➢ PAN Card, Aadhar Card & Photograph of the owner
➢ Bank Account Details
➢ Address Proof
➢ Aadhar Card & PAN Card
➢ Bank Account Details
➢ Registered Office Proof

-Rent agreement and NOC from a landlord. (If Rented property)
-Electricity bill or any other address proof. (If self-owned)
GST registration is required in order to establish the existence of Sole Proprietorship firm. Super CA helps you to get your GST Registration done within 4-6 working days at the lowest possible prices. Our team comprises legal advisors, professional CAs and CSs who are always there with you in every course of action.


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