Proprietorship Firm Registration

Sole Proprietorship firms are one of the most commonly used business types in India. A Self-Owned Business can be register with any business name. A sole proprietorship firm does not need any specific registration, so that it can be recognised as legal business structure under the various departments based on the business set-up and category. The owner is advised to get some essential registrations for better operational functioning of the firm.

 

The registrations required for a proprietorship firm are:

 
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Documents & Details Required for Proprietorship Registration:

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  • Name of Business

  • PAN Card

  • Aadhar card (Mandatory)

  • Email ID & Mobile No.

  • Rent Agreement (Business Place) with NOC, if rented

  • Electricity bill (Business Place)

  • List of Business Item/ Business Nature

  • Photo

 Benefits of Proprietorship Firms :

  • Easy to Start- Proprietorship Firm is a simply firm which is enable doing business in India with Less Compliance and Less Costing. Proprietor ship firm can be start with only open a current account in the name of business.

  • Easy to operate- Being the sole owner of a business, it is easier to understand and operate the same.

  • Profit undivided- Sole Proprietorship Firm Registration is kind of Single Person Firm Registration, owner is the only person to accumulate the profits.

  • Taxation- The income tax rate for sole proprietorship firm is the same as that of the income tax rate of individual’s i.e. there is the tax benefits available in Indian tax structure as of that of the individuals.

 

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 Disadvantage of Proprietorship Firms :

  • Unlimited Liability – Being single person runs business as Proprietorship Firm Therefore, all debts can only be recovered from the sole proprietor.

  • Arrangement of Funds- Starting a small business doesn't have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. As sole proprietor all funds arrangement burden are of proprietor only.

 

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Why ASK Commercial Solutions ? 

ASK Commercial Solutions specializes in providing Start Up advisory support. We helped to Setup a Business in India.

Get in touch with ASK commercial Solutions to register your company with Startup recognition. We providing all type of Start Up’s, DPIIT, GST, IEC, FSSAI, UDYAM, Accounting and Taxation Support services too.