What is Sole Proprietorship Registration?
When single person runs a business then such kind of business is called as proprietary business, and the owner of the business is called as proprietor. Proprietorship is the most common form of the business which is used in India. You can start and operate the business with minimum regulatory compliance. However there is no full fledged way available to register your proprietorship by Indian Government. Tax registration and other business registration’s is the right way to show existence of your proprietary business. Following registrations can be used to show the existence of your proprietory Business
Professional Tax Registration.
GST Registration.
Shop and Establishment Registratio
The owner of a sole proprietorship business typically signs contracts in his or her own name, because the sole proprietorship business has no separate identity under the law. The sole proprietor owner will typically have customers write checks in the owner's name, even if the business uses a fictitious name. Sole proprietor owners can, and often do, mix personal and business property and funds, something that partnerships, LLCs and corporations cannot do. Sole proprietorships often have their bank accounts in the name of the owner. Sole proprietors need not observe formalities such as voting and meetings associated with the more complex business forms. Sole proprietorships can bring lawsuits (and can be sued) using the name of the sole proprietor owner.
Documents Required For Proprietorship Firm Registration.
To register a sole Proprietorship, minimum documents are required which are :
Aadhar card or any identity proof.
Self PAN card.
Business account (Current account).
Address Proof (Rent Agreement, Electricity Bill).
Benefits of Proprietorship Firms.
Proprietorship firms have several benefits for their owners. Some of these benefits are discussed in detail below:
