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Sole Traders/Proprietorship Formation

Sole Proprietorship Registration/incorporation in Pakistan – Lahore.

  • A sole proprietorship (also known as a sole trader) is a business run by an individual. There is no separate legal entity; the owner takes all of the profits and / or losses of the business.
  • The owner also has all the control and all the liability and debts from the business.
  • The owner is the final decision maker and has no interference.
  • The business taxes are paid by the owner through his or her personal income tax return. Sole traders can benefit from lower tax rates.
  • The obvious disadvantage of this business structure is that there is unlimited liability of the owner and in case of lawsuits and other debts, the owner is personally held liable.
  • A sole proprietorship is different from partnerships and limited companies.
  • A basic sole proprietorship is also different from a Single Member Company (SMC) which is a limited liability company with one owner.

 

In order to register a basic sole proprietorship all you need to do is: 

  1. Proposed name for your business
  2. Letterhead and business cards with business name, logo, phone number and physical office address on it.
  3. Business Owner CNIC, letterhead/business card, and a stamp with your new business name to any bank of your choice.
  4. Open a bank account in the name of your business and give you confirmation with account details (account maintenance / welcome letter) – NOT MANDATORY.
  5. Register your Business National Tax Number (NTN) from FBR, for assistance contacts us.
  6. Once your NTN is issued then you can apply for your GST Number (Depends upon the nature of Business) which usually takes 1 working day.
  7. Now a registered sole proprietor.

For Registration Contact us at: 0321-1114499 | 0423-5881104

Or

Write us at: abidassociates@hotmail.com

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