Sole Proprietorship Business Registration
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Sole Proprietorship
It usually happens when you have leadership qualities, and working under People makes you tired, and something insists you inside you set up your own business. Sole Proprietorship Business Provides a chance to become yourself as a leader.
Proprietorship is the most popular type of business conducted by businessmen in Lahore and all other cities of Pakistan. This type of business looks typically around like grocery shops, the chemist, saloons, General Stores, Motor Mechanics, Photographers, doctors and Advocates are all most common examples of sole proprietors.
Sole Proprietorship
Business in Lahore Pakistan
Sole Proprietorship Renowned as a single person Business Structure, which is one of the most comfortable Business structures in Lahore and all over Pakistan. The business and the working individual are similar; as no difference found in the legal entity.
What is a Sole Proprietorship Business Registration in Lahore, Pakistan?
A sole proprietorship Business is an appropriate, desirable, and essential way to start a business in Lahore and other cities of Pakistan. Proprietorship is a separate business entity that never comes under the Corporation, Company, or any Firm rules and regulations.
An Individual can start his own Business of Buying/ Selling of Products or Services as a Sole Proprietor and enjoy the same rights given to other Business entities in Pakistan. Most Businessmen startups find it suitable to choose proprietorship business due to its natural formation and compliance with Govt Departments. All the responsibility of Profit and loss of proprietorship business belongs to the Owner.
Registration of Sole Proprietorship Business in Lahore is an online process for which few documentations required, which is done by the help of Expert. After registration of sole proprietorship business requires to open a bank account on the name of the business entity which you have selected in Sole proprietorship Business. Sole Proprietorship provides legal distinctiveness to the Business ease in commencing business operations in Pakistan.
Features of a Sole Proprietorship Business in Pakistan
- No Separate Identity
- Unlimited Liabilities
- Lack of Legal Formalities
- Continuity of Business
- No profit or loss sharing
Why to Start a Sole Proprietorship Business in Lahore, Pakistan?
A sole proprietor is one of the best business structures in Lahore and other cities of Pakistan to choose for new startup individuals who desire to manage and control everything on their own. It has several advantages, given as follows:
- Flexibility in running business operations.
- One of the ancient and most accessible business structures
- Single hand Management
- Flexibility in starting and closing
- Business structures having few departmental compliance
- Self- Responsibility
- Being your boss
- No sharing of Income and Profit
- No disputes with Partners or members
How to Register a Sole Proprietorship Business in Lahore, Pakistan?
You can register your sole proprietorship Business through Easy Procedure by getting expert opinion and guidance. Following are the requisite documents and method under which registration made in Pakistan;
Procedure for Proprietorship Business Registration
- Step 1: Create your FBR Login through IRIS
- Step 2: Fill out Form 181 for enrollment in FBR System.
- Step 3: Add your Business and Address and choose Business Principle Activity
- Step 4: Attach Requisite documents with Form 181 and Submit for issuance of NTN
- Step 5: After creating NTN proceed for opening Business Bank Account in any commercial Bank and start your business.
Documents Required for Sole Proprietorship Business Registration in Lahore Pakistan
The following are the documents needed for Sole Proprietorship Business Registration.
- Copy of National Identity Card (NIC) issued by Nadra
- Mobile number and Email Address of Sole Proprietor which is not registered before with FBR
- Business Name, Address and Principle Activity of Business
- Paid Electricity Bill within the last three months
- Rent agreement of Business Premises along with CNIC Copy of Premises Owner
Post Compliance
- The Proprietor has the liability for filing annual Income Tax Returns on time in the Federal Board of Revenue.
- The Proprietor has to file his monthly Sales Tax Return in case of Sales Tax Registration.