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Register a Proprietorship
Proprietorship is nothing but the business that is handled by an individuals called as Proprietor/ Proprietrix to do business. Proprietorship business is ideal for very small businesses in the unorganised sector.
Why Sole Proprietorship?
An individual having limited funds and resources can kick start his business easily with Sole Proprietorship. Besides, it is the most feasible form of business if one want to execute his start-up ideas with least legal compliance and minimum operational outlay.
DOCUMENTS REQUIRED
Passport size Photograph
Aadhaar Card
Address Proof/ NOC for Business
Sole Proprietorship FAQs
Sole Proprietorship is the best business form to choose if you want to begin your startup with limited funds and resources. Besides, it is the most feasible form of business if you want to execute your business plan with least legal compliance and minimum operational methods.
The process of registration of a Sole Proprietorship firm can be completed in 5 to 30 business days, depending upon the type of registration. This takes further time in case there is any delay in government approval.
The major advantage of Sole Proprietorship business is that the trader is given concession in taxes. Proprietor /Proprietrix is liable to pay tax at the individual tax rate and exempted from the corporate tax, i.e.
In case you have to open a new Current account with Bank in the business name, you need to furnish the Shop Establishment certificate or GST Registration. Bank Account details are mandatory for setting up any Business.