Proprietorship Firm Registration

The Proprietorship Firm Registration is a registered company under the 2013.

Proprietorship Firm Registraction

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OVERVIEW

A sole proprietorship is a type of unregistered business unit that is owned, managed, and controlled by one person who retains the full authority & responsibility concerning the business. Sole proprietorships are one of the most common forms of business in India. It is easy and cost effective as well.

The legal responsibility for the obligations of the business lies with the proprietor. Thus, the proprietorship is not a distinct entity unto itself, rather business and its owner are clubbed together. In this type of Business, the person operating will only be the director and shareholder himself.

proprietorship firm

 

TYPES OF BUSINESS ACTIVITY

Small Bussiness
The form of proprietorship business is preferably suited to businesses like retail, wholesale, where the nature of the business is simple, financial risk is less, no need to take enormous debts and the product market is small.
Low Capital Requirement
The Business with minimal capital requirements and little or almost no levels of risk are suitable for being run as sole proprietorships. Now, the proprietorship
business may require to register itself under tax laws such as GST registration.

ADVANTAGES OF SOLE PROPRIETORSHIP REGISTRACTION

Flexible business decision

Individual control over finance

Independent role and responsibility

Business relations

Confidentiality

Minimum statutory compliance

Easy to close

Tax benefits

Individual profit sharing

REGISTRATION PROCEDURE

01.
Type of registration like GST or MSME or Local registration with government authority required to such business and documents required for the same.
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02.
After receipt of Documents, process the same by filing online with the concerned authority.
For e.g.: GST application will be made after receipt of documents from the client.
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03.
Lastly, on registration done, update the status of the same to the client.
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FREQUENTLY ASKED QUESTIONS


Only one person is required to start a Proprietorship, and a Proprietorship can have only one promoter.
The Proprietor must be an Indian citizen and a Resident of India.
A proprietorship can be registered once an applicant registers its business with any government authority such as GST, MSME, Shop Act license, etc.
To open a bank account for a Proprietorship, Reserve Bank of India mandates that the proprietor must provide two forms of registration for the Proprietorship firm along with the PAN Card, identity proof and address proof of the Proprietor. The two forms of registration can be any two of the following: GST Registration, MSME registration,Shop & Establishment Act registration.
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