Proprietorship

Proprietorship

A sole proprietorship is an unregistered business entity that is owned, managed and controlled by a single person. A proprietorship is the easiest form of business. The entire capital is invested by one person and he alone is entitled to the profits of the business. Proprietorship registration is best suited for unorganised, small businesses that will remain small or have a limited period of existence. Proprietorships are easy to start and have very minimal regulatory compliance requirement. Howeverproprietorship's do not offer the proprietor a host of benefits such as limited liability, separate legal entity, independent existence, transferability, perpetual existence There is no such mechanism provided in Law for the registration of a Proprietorship. However, registration such as Goods and Services Tax (GST) and obtaining TAN number for complying with the TDS related provisions of the Income Tax Act is necessary.

Advice Brain helps you in proprietorship registration. We extend our full support in documentation, preparation, filing and subsequent Follow-up with departments and complete the entire process in is 3 - 5 Working days.

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Proprietorship

BENEFITS

  • Minimal cost
  • Start Immediately
  • Tax Benefit
  • Easy to Close
  • Lesser compliances
  • Independent control
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Procedure for Proprietorship

Selection of Name

Select a unique name of your proprietorship business and ensure that the name does not infringe others trademark

TAN Number Allotment

Obtain TAN number, which is mandatory to submit TDS Returns.

MSME - Udyog Aadhar

Udyog Aadhar enables an entrepreneur to seek various benefits offered by the Government Departments.

GST Registration

GST Registration is to be obtainedelse you may not be able to supply goods or services across India

Documents Required for Proprietorship

  • Proof of Registered Address
  • Utility Bill
  • NOC from the Owner of Premises
  • Canceled Cheque of Proprietor
  • Passport Size Photograph
  • Copy of PAN card
  • Valid Identity Proof
  • Latest Address Proof
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FAQ on How to Register a Proprietorship

The proprietor must be an Indian citizen and also a Resident of India.
Only single person is required to start a Proprietorship and a Proprietorship cannot have more than one person.
In you need to open a new Current account of Proprietorship, you need to furnish the Shop Establishment certificate.
PAN along with identity and address proof is necessary to start a Proprietorship
A Proprietorship can be started with zero capital.There is no minimum capital limit for starting a Proprietorship.
Proprietorship firms cannot have investors. They cannot issue shares. Proprietorship firms are business entity that are owned, managed and controlled by a single person.
Registrar of Establishments undertakes the task of Sole Proprietorship registration
Yes, you can convert it into LLP or Private Limited Company.

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