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For a sole proprietor, all incomes will be clubbed together for tax purposes and for determining the turnover limits under GST. However, if two firms are operated under different trade names you would need to apply for separate GST registration online.
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About Online Sole Proprietorship Registration Registering your company makes your business a distinguished entity and gives it a legal existence. It is very essential for protecting your business and securing its rights. It shields the business from personal liability and protects from other risks and losses and at the same time provides more customer attraction, more capital contribution, greater stability and increases the company's potential to expand. There are various forms of businesses available that one can register with. Among all, online sole proprietorship registration is the most simple one with minimal compliance procedures. Any individual who wants to start a business from home or on a premise with a minimum amount can opt for the Sole proprietorship business type. It can be started within the time span of 10-15 days. Online Sole Proprietorship registration is a cakewalk only if you need to take care of some basic things.
Can a Sole Proprietor have Multiple Businesses? The answer is ‘Yes’. As a sole proprietor, you can have multiple businesses. You can have multiple businesses in the same name and you have to get registration under Shop and Establishment Act or any basic license which is enough to register Sole Proprietorship. But if the second business is opened with another name then you may be required to have a separate certificate for the other businesses. For Example, if I have a sole proprietorship business in the name of Rahul Enterprises and I started a new business in a different name then I require New GST Registration and registration under Shop and Establishment Act You must also check that your business should not have a condition that you need to be a Pvt ltd, LLP and partnership firm etc. For example, opening a Franchise Business in India has a condition that your firm should be registered as an entity other than a sole proprietorship.
Can a registered person have a Multiple Proprietorship Firm? Any individual is allowed to register for more than one proprietorship firm. Online sole proprietorship registration is not required or is not a compulsory thing, but you need to get a separate GST Registration in the name of all other firms. Also, if you have taken UdyogAadhar Registration and have opened another business, you need to obtain a UdyogAadhar certificate having the name of the new Business and you also need Separate registration under Shop and Establishment Act for your new Business.
Final words For a sole proprietor, all incomes will be clubbed together for tax purposes and for determining the turnover limits under GST. However, if two firms are operated under different trade names you would need to apply for separate GST registration online. People can register multiple sole Proprietorship Firms but it should be kept in mind that the sole Proprietorship firm has no business registration as such so you need to get at least one tax registration. The best thing is just to register a private limited company & run multiple businesses under one company.
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