A sole proprietorship is a type of unregistered business entity that is owned, managed and controlled by one person. Sole proprietorships are one of the most common forms of business in India, used by most micro and small businesses operating in the unorganized sectors. Proprietorships are very easy to start and have very minimal regulatory compliance requirement for started and operating. However, after the startup phase, proprietorships do not offer the promoter a host of benefits such as limited liability partnership, corporate status, separate legal entity, independent existence, transferability, perpetual existence – which are desirable features for any business. Therefore, proprietorship registration is suited only for u small businesses that will remain small and/or have a limited period of existence.
There is no mechanism provided by the Government of India for the registration of a Proprietorship. Therefore, the existence of a proprietorship must be established through tax registrations and other business registrations that a business is required to have as per the rules and regulations. For instance, VAT or Service Tax or GST Registration can be obtained in the name of the Proprietor to establish that the Proprietor is operating a business as a sole proprietorship. Thus, all the registrations for a proprietorship would be in the name of the Proprietor, making the Proprietor personally liable for all the liabilities of the Proprietorship.
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3 Step Registration
|1.||Arrange the Documents Required ( Mentioned Below )|
|2.||StartedIndia will apply for the Registration|
Documents Required for Proprietorship Registration
1. Self-Attested PAN card copy of the Proprietor (Owner)
2. Self- Attested Proof of Identity (Voter ID/ Passport/ Driving License/ AADHAR Card)of the proprietor.
3. Business address proof (Electricity Bill/ Telephone Bill/ Property/ Gas Bill/ Tax Bill)
4. Firm Name
5. Firm Service or object or