Sole Proprietorship Registration - Overview
Sole Proprietorship is one of easiest way of Doing Business. Sole Proprietorship is business managed and owned by Single person. Incorporation of Sole Proprietorship can be done in 15 days. In a sole proprietorship business there is no legal difference between the owner and the business.
The Individual acts as the owner, director , member & share holder of proposed entity. Hence it cannot be considered as company or corporation. Sole Proprietor is not answerable to anyone hence enjoys the complete rights & responsibilities of his business . Both the Profit & loss have to bared by the the proprietor.
Some common examples of proprietorship business are shops such as chemist, saloons, grocery, etc.
Documents Required For Registration
- PAN Card of the proposed proprietor mandatory document for a proprietorship business registration .
- Identity Proof of Sole Proprietor, such as aadhar card and Voter ID/ Passport/ Driving License.
- Address Proof of Sole proprietor, such as the latest Telephone Bill /Electricity Bill/ Bank Account Statement.
- Passport size photograph of Passport Size picture of sole proprietor.
- Business Address Proofs such as latest Electricity Bill/ Telephone Bill of the registered office address
- NOC or No Objection Certificate to be obtained from the owner(s) of registered office
- Rent Agreement is needed if the registered office is a rented place.
Process To Register
- SME Registration process
- GST registration process
- Registration as per the Shop and Establishment Act.
- Opening a current account on the company name in an authorized bank
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