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December 22, 2022
How to register a Proprietorship Company in India
A sole proprietorship is the simplest and most common form of business in India. An individual proprietor owns and manages the business operations and is responsible for all business transactions. The sole proprietorship firm does not create a separate legal entity for its owner or proprietor. A sole proprietorship can operate under the name of its owner/proprietor or it can do business under a separate Trade name. A Sole Proprietorship Firm requires minimum of 2 legal entity proofs to open a current bank account.
Option 1 as GST Registration :
Considering the business nature one may require the GST Registration either on mandatory or voluntary basis.
Option 2 as MSME license :
One must opt for this option when you are starting with a small business plan. You need not require GST registration in this case.
What are the documents required for a proprietorship firm?
- Aadhar Card
- PAN Card
- Registered office proof
Features of Proprietorship Firm :
- Single Owner of the Business
- Easy to Start and Easy to Close
- Complete Control
- Lower Cost of Formation and Compliance
What are the advantages of a Sole Proprietorship firm?
- Minimal compliance
- Suitable for small to medium scale businesses
- Easy to register as compared to a Pvt. Ltd. and a limited liability partnership
- Greater flexibility and ease of operations
- Basically, Proprietorship Firm Registration is a simple firm registration it’s also called Sole Proprietorship Firm in that Single owner of the business and Liability is also unlimited.
GST Registration
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