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Proprietorship Firm Registration

A sole proprietorship is a type of unregistered business entity that is owned, managed, and controlled by one person. A sole proprietorship is the most common type of business in India and it is used by most micro and small businesses operating in the unorganized sectors.
Proprietorships are simple to start and have minimal regulatory compliance requirements for operating. This entity is ideal for entrepreneurs who are getting into business for the first time and for small businesses with few clients.

Proprietorship Firm Registration

A sole proprietorship is a type of unregistered business entity that is owned, managed, and controlled by one person. A sole proprietorship is the most common type of business in India and it is used by most micro and small businesses operating in the unorganized sectors.
Proprietorships are simple to start and have minimal regulatory compliance requirements for operating. This entity is ideal for entrepreneurs who are getting into business for the first time and for small businesses with few clients.

Benefits of Proprietorship:

Ease of setup

The entrepreneur can start operations and receive payments from clients as no registrations are required to start a proprietorship.

Ease of compliance

The other advantage of a Proprietorship is that it requires no additional compliance in most cases. The PAN of the proprietor and proprietorship are one and the same. Hence in most cases, only income tax return in Form ITR-3 must be filed every year.

Ease of dissolution

The proprietor does not have to particularly wind up the company incase he wants to cease operations. This saves a lot of time and effort.

How should be the agreement between partners formed?

Partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned.

Partnership deed can be written or oral, although it is always advisable to write a partnership deed to avoid any conflicts in the future.

Documents required

For Sole Proprietorship Registration

  • KYC of Applicante Pan Card + Aadhar Card or Voter or Driving or Passport etc.
  • Firm Address Proof: Electricity Bills copy or gas bill or phone bill etc. (No issues if it’s on other names)

For the GST Additional

  • Passport Size Photograph of the applicant.
  • Personal Bank Account Cancel Cheque or Bank Statement or Passbook Front Page anyone.