Sole Proprietorship Registration in India.
Proprietorship Registration in India. Easy to start, minimum compliance and less expensive.
Proprietorship business is owned and managed by a single owner, usually suitable for small traders and manufacturers.
Easily register your Proprietorship firm in india. BIZINDIGO offers proprietorship firm registration from Rs. 1999/-
WHAT IS PROPRIETORSHIP REGISTRATION?
Proprietorship Firm in India
A sole proprietorship is the simplest form of business in India. It is the most common and popular form of business, suitable for small traders and merchants.
An individual proprietor owns and manages the business and is responsible for all business transactions.
The sole proprietorship firm does not create a legal entity separate from its proprietor or owner.. It simply refers to a person who owns & manages the business and is personally responsible for all business transactions. A sole proprietorship can operate under the name of its owner/proprietor or it can do business under a separate Trade name.
Proprietorship is recognised by other registrations, such as a service or sales tax registration (now GST). It has many disadvantages, such as no separate legal entity, personal liability of proprietor and it does not have perpetual existence, difficulty in obtaining Business Loans, No ability to get personnel help in return for equity stake etc.,
ADVANTAGES OF A PROPRIETORSHIP
The sole proprietorship is a popular form of business due to its simplicity, ease in registration, minimum compliance and nominal cost.
- Very easy to form/start
- Nominal Cost of formation & Compliance
- Minimum Statutory Compliance
- Owned and managed by a single person.
- Can be operated under its proprietor (owner) name or under a separate Trade name
- Just need PAN card, identity and address proof of proprietor to start
DOCUMENTS REQUIRED FOR PROPRIETORSHIP REGISTRATION
List of documents for Proprietorship Firm Registration
To start a sole proprietorship, one just need identity & address proof along with PAN card and rental agreement or sale deed (in case of Shops & Establishment Act Registration).
- Pan card copy of proprietor
- Copy of Voter Identity card /Aadhaar card /Passport
- Bank Statement (Personal)
- Telephone/ Electricity/Property Tax Receipt (For business place)
- One Passport Size Photograph
List of documents for Opening a bank account for sole proprietorship
To open a bank account for a Proprietorship, RBI mandates that the proprietor must provide any of the following two forms of registration:
- Utility Bills ( Electricity/Telephone/Water Bill)
- MSME Registration,
- CST/VAT/Service Tax Certificate or
- Letter Of Service Tax Registration CST/VAT Registration
- Shop & Establishment Act registration,
- Professional license,
- Chartered Accountant certificate or
- Others as provided in the RBI Know Your Customer norms.