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:
- Proposed name for your business
- Letterhead and business cards with business name, logo, phone number and physical office address on it.
- Business Owner CNIC, letterhead/business card, and a stamp with your new business name to any bank of your choice.
- Open a bank account in the name of your business and give you confirmation with account details (account maintenance / welcome letter) – NOT MANDATORY.
- Register your Business National Tax Number (NTN) from FBR, for assistance contacts us.
- 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.
- Now a registered sole proprietor.
For Registration Contact us at: 0321-1114499 | 0423-5881104
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