Proprietorship Firm Registration
A Proprietorship Firm Registration, also refer as the dealer or simply ownership, is a type of organization that is kept and run by one person and in which there is no legal perception between the owner and the business organization The proprietor is in direct control of all factor and is legally accountable for the budget of such business and this may include debts, loans, loss, etc.
A Proprietorship Registration is one of the effortless and smooth forms of business organization to register and cultivate in India. There is no difficult Sole Proprietorship Firm Registration and to start ownership only PAN Number for the owner, positive licenses and investment is required.
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- PAN Card of the owner.
- ID Proof and Address Proof of the Sole Proprietor as Aadhaar Card, Driving License or passport, etc.
- Rent Agreement, No Objection Certification, and Electricity bills of the place where you want to register the business.
- If Proprietor has owned property then he needs sale act copy or electricity bills.
- Bank Statement copy or canceled cheque copy.
- Passport Size Photograph
How to register a Sole Proprietorship Firm?
- Required all documents and KYC verification.
- The next step is to name the business.
- There is no formal registration required, but the next step is to open a bank account in the name of the business.
- You can also register as a Small and Medium Enterprise (SME) under MSME Act, though not mandatory, it is beneficial to be registered under the same.
- You can also Register for GST if your turnover exceeds Rs 20 lakh.
- One can also get a Shop and Establishment registration done.
- We will submit documents on Government portal for Firm Registration.
- After Government approval you will receive Firm and GST Certificate on your register email id
Benefits of Proprietorship Firm Registration
- Individual ownership entity is one of the smoothest forms of organization in India.
- It is one of the simplest forms of trade to start with minimum ritual.
- Because it is an individual company, so the lowest agreement is put off.
- The personal obligation of sole ownership is commonly unlimited. Business capital & personal capital of sole proprietor claims to sole proprietorship acceptors.
- A sole proprietor has total adaptability in managing and controlling the business.
- The biggest benefit of a sole proprietorship is that it is having minimum taxes. An entity that has less than 3 LAKHS annual income is complementary to pay taxes.
Circumstances of Sole Proprietorship Registration
- There is unlimited flexibility of the owner. He is personally flexible for all the activities he enters.
- If something happens to the individual person taking care of the business, there is always the danger of business shutting down.
For small and medium enterprises.
There is a huge benefit of sole proprietorship regarding the tax. An organisation which have less than 3 LAKHS annual income is free to pay taxes.