Sole Proprietorship Registration
Ideal for small traders and merchants
What is a Proprietorship Firm Registration?
A Sole proprietorship is a business which is owned, managed and controlled by a single person. It is one of the most common forms of business in India, utilized by small businesses operating in the unorganized sectors.
A proprietorship is recognized by other registrations, such as a service or sales tax registration. It has too many shortcomings, such as unlimited liability of proprietor, and it does not have continuous existence. For these reasons, it is considered by small merchants and traders as a business structure.
Choose Sole Proprietorship Because
- A Sole Proprietorship is cheaper as compared to OPC.
- A proprietorship with income of less than Rs. 2 Lakhs per annum is not required to pay income tax.
- Easy to establish with fewer formalities
Documents Required
- PAN Card copy of proprietor
- Electricity/ Water bill (Business Place)
- Copy of Aadhaar Card/Voter identity card
Why Proprietorship?
- Easy to Start
- Minimal Compliances
- Audit not required
Frequently Asked Question.
Who can be a proprietor?
The Proprietor must be an Indian citizen and a Resident of India.
Will proprietorship have a certificate of incorporation?
The Proprietor must be an Indian citizen and a Resident of India. Proprietorship firms do not have a Certificate of Incorporation.
How much do i need to invest to start the business?
The Proprietor must be an Indian citizen and a Resident of India.
Proprietorship firms do not have a Certificate of Incorporation.
There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.
How to open a bank account?
The Proprietor must be an Indian citizen and a Resident of India. Proprietorship firms do not have a Certificate of Incorporation. There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital. To open a bank account for a Proprietorship, Reserve Bank of India mandates that the proprietor must provide two forms of registration for the Proprietorship firm along with the PAN Card, identity proof and address proof of the Proprietor. The two forms of registration can be any two of the following: service tax registration, MSME registration, VAT/TIN/CST registration, Shop & Establishment Act registration, Professional license, Chartered Accountant certificate or others as provided in the RBI Know Your Customer norms.
Start Sole Proprietorship Registration
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