Sole Proprietorship Firm Registration
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What is a Sole Proprietorship?
Sole proprietorship is one of the oldest and easiest Business Structure to start in India. A proprietorship is a type of business that is owned, managed, and controlled by one person - who is the proprietor. As the proprietorship and proprietor are one and the same, it is very easy to start and there are very minimal compliance requirements.
As the proprietor and the business are one and the same, a proprietorship cannot have other partners or shareholders. Further, there is no limited liability protection for the proprietor from the business activities conducted in the sole proprietorship. Hence, this type of business entity is best suited for every small businesses with no more than 5 employees.
What Are The Documents Required For Registering A Sole Proprietorship?
To start a Sole Proprietorship, the following documents are required
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Address and identity proof
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PAN card, KYC documents and
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Rental agreement or sale deed (in case of Shops & Establishment Act Registration).
What Are The Documents Required For Opening A Current Account?
To open a current account, the following documents are required;
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Proof of the existence of your business
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Shops & Establishments Act Registration
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PAN card
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Address and Identity proof