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What can a Sole Proprietorship do?

The Process of Establishing a Sole Proprietorship

There are various documents that need to be prepared in order to establish a sole proprietorship. You can manage the process of preparing the documents yourself, or you can authorize an accountant to do the work. After delivering all the documents to the tax office, you need to obtain a tax registration certificate. Accounting fees are generally low in setting up a company. However, monthly accounting fees may also need to be paid.

If you want to establish a company, you can leave your accounting work to us. If you have a small business or want to start a business from scratch, in this case, you can facilitate and accelerate your work in all processes such as company establishment, e-Invoice, e-Archive Invoice, e-Self Employment Receipt, and e-Ledger services through IFASTURK.

When is it Advantageous to Establish a Sole Proprietorship?

Establishing a sole proprietorship has many advantages for those who want to establish a company. In order to take advantage of these benefits, you need to pay attention to elements such as your company's annual income, tax advantages, and founding partner. While establishing a sole proprietorship may be advantageous for some people who want to own a company in certain situations, it may also be disadvantageous in some situations. If you have the following features, establishing a sole proprietorship will be advantageous for you:

• If your company's annual income is a maximum of 49,000 TL,
• If your purpose of establishing a company is to earn regular income from the company or to sell your shares after bringing the company to a certain point,
• If you are establishing the company alone or if you have a partner in the initial stage of establishment (joining the company as a partner after the establishment in sole proprietorships involves more difficult processes than other types of companies),
• If the establishment and closure process of the company being fast and low-cost is important for you,
• If you can take personal responsibility for the financial situation of your business,
• If you are under 29, you can benefit from tax advantages.

What Jobs Can Sole Proprietorships Do?

Sole proprietorships are a suitable option for people who want to start a business because they can be established by a single person and the establishment-closure processes are easy. If you start earning income by providing continuity in your work, you need to issue invoices to your customers or the organizations you provide services to.

Establishing a sole proprietorship provides you with a legal identity and various advantages. If you start earning regular income and doing business in a legal sector, you can also establish a sole proprietorship. It can be small businesses established by craftsmen or sole proprietorships operating in many sectors. Whether you are engaged in computer programming activities or have a hairdressing profession, you can still establish a sole proprietorship. Likewise, every business must have a main activity area and your company must have a main activity area code.

You can register your company name and logo as a trademark. For this, you need to obtain approval from the Turkish Patent Institute. Sole proprietorships are subject to the provisions of the Turkish Commercial Code and the business owner is obliged to register with the Social Security Institution (Bağ-Kur). When the person wants to close the business, he or she can notify the relevant institutions and close it as soon as possible.

Should Freelance Workers Establish a Sole Proprietorship?

In order not to be in a situation of unfair gain according to the laws while freelancing, you need to invoice the income you earn. You can make invoicing transactions with a "Expense Receipt". You do not need to think about questions such as "Do I have to pay income tax?" because when you issue an invoice with the expense receipt, 10% of the invoiced amount is paid to the state as Withholding Tax, so you do not need to pay income tax additionally at the end of the year.

Establishing and closing a sole proprietorship is quite easy and inexpensive. Therefore, if you are working on a small scale, establishing a sole proprietorship will be advantageous for you to be a reliable business and not waste time with extra procedures such as expense receipts.