Start a Bangladesh Company
Fast & Easy Sole Proprietor LLP Setup Services In Bangladesh
Our Network BD consultation agency assists clients by providing information on sole proprietor LLP Setup Service registration in Bangladesh. We help them understand the different types of business entities in Bangladesh and how to start a business in Bangladesh.
In Bangladesh, a sole proprietor LLP Setup is the most basic business structure. It is, however, only suitable for very small single-owned businesses that do not pose any risks. A sole proprietorship, unlike a private limited liability company, does not provide limited liability protection and does not protect your personal assets from business risks.
Start Your Sole Proprietor Company With Ease, Confidence & Affordable Way
START YOUR BUSINESS WITH CONFIDENCE, AFFORDABILITY, FAST, SIMPLE.
1. If you’re a Sole Proprietor, you need Network BD to register your business name
2. We’ll prepare and file all required documents to start your business
3. Contact us for step-by-step instructions on how to start a sole proprietorship business.
Hassle Free 6 Key Facts For Sole Proprietor LLP Setup In Bangladesh
1. In Bangladesh, a sole proprietorship is not a separate legal entity from the owner/proprietor because it is not a separate legal entity. All liabilities incurred during the course of the business are personally liable to the business owner.
2. A sole proprietorship is open to any Bangladeshi citizen who is at least 18 years old.
3. The sole proprietorship must provide a local commercial address as its business address.
4. Profits from a sole proprietorship are treated as the income of the individual who owns the business and is therefore taxed at the same rate as personal income.
5. A Bangladesh sole proprietorship cannot register another business firm because it is not a legal entity.
6. Sole proprietorships are exempt from auditing their books because any profits are taxed as personal income.
Required Documents For Registering Sole Proprietor LLP Setup
The following 9 documents/information are required to register a sole proprietorship business in Bangladesh:
- Bangla business name suggestion
- A description of the main activities
- The proposed business’s local business address in any commercial area.
- The lease/rent agreement or title document for the office address.
- A photocopy of the owner’s national ID card.
- Fill out an application for a trade license from your local. government/city corporation/union, etc.
- Fill out an application for a trade license and get it.
- Submit an application for an e-tin certificate.
- Create a bank account in the name of the company.
5 Important And Excellent Benefits Of Sole Proprietor LLP Setup
1. Ease of setting up: It is the easiest and least expensive business structure to set up.
2. Owner Control: As a sole proprietor you are in complete control of all the business affairs including decision making.
3. No profit-sharing: You accrue all income generated by the business.
4. Ease of termination: Compared to other business entities, terminating a single proprietorship is easier, faster, and less expensive.
5. Least compliance requirements: You are free of the obligation of filing returns annually and only need to renew your membership every year.
FAQs For Sole Proprietor LLP Setup
Is it possible for two companies to form an LLC?
What is the legal status of a limited liability partnership?
Is it possible to register a charity organization as a limited liability company?
How does LLP income get taxed?
A limited liability partnership (LLP) will be taxed in the same way as a partnership. This means that their earnings will be taxed at a rate of 30%. LLPs, on the other hand, are not eligible for the benefits of Section 44AD, which permits businesses to avoid keeping records if their revenue is less than 8% of total gross revenue.