Proprietorship Firm Registration

Proprietorship Firm Registration

What is a Sole Proprietorship?

When a business is owned and governed by one person, it is called a sole proprietorship company.

This type of business can be incorporated in fifteen days and hence makes it one of the most popular types of business to begin in the unsystematic sector, specifically among merchants and small traders.

For a Sole Proprietorship business, registration is not required as it is identified through alternate registrations, such as GST registrations.

However, its liability is unlimited and it also doesn’t have perpetual existence.

    Get More Detail

    Proprietorship Registration Process

    • Complete your Simple Form
    • Verification of Documents
    • Submission of Documents
    • Your work is now completed.
    You are required to fill your details in our simple questionnaire and submit documents.
    For further procedures, details provided by you will be verified by our experts.
    We will create all the required documents and file them with appropriate authority.
    Once your proprietorship is incorporated, we will intimate you about the same.

    Benefits of Proprietorship Firm Registration

    1.svg

    Minimum Compliances

    2

    Easy to Start

    3

    Lower cost

    4

    Complete control

    Benefits of Proprietorship Firm Registration

    Minimal Compliances

    A proprietorship firm has very minimal compliance requirements which makes it much more preferable option than One Person Company.

    Easy to Start

    Sole Proprietorship is not governed by any law and does not require any mandatory registration. the easiest way of starting a business

    Lower Cost

    As there are minimal compliances, there is no need to hire an auditor for meeting the legal compliance requirements.

    Complete Control

    As a proprietorship firm is owned by a single person, he has the complete control over the business decisions and there are no interventions of any kind.

    Registrations required for Sole Proprietorship Firm

    MSME Registration

    Shop and Establishment Act License

    GST Registration

    Frequently Asked Questions

    Who can start a Sole Proprietorship?
    Any Indian citizen with a current account in the name of his/her business can start a sole proprietorship. Registration may or may not be required, depending on the type of business that is planned to be established. However, to open a current account, banks typically require a Shops & Establishments Registration.
    How long does it take to establish a business with Sole Proprietorship?
    A Sole Proprietorship business does not take more than 15 days to set-up and start functioning. This simplicity makes it popular among small traders and merchants. It’s also much cheaper, of course. This is the other reason why it’s the most widely used business structure.
    What businesses are commonly run as Sole Proprietorships?
    Most local businesses are run as sole proprietorships, from grocery stores to fast-food vendors, and even small traders and manufacturers. That is not to say that larger businesses cannot operate as sole proprietorships, they can! Jewellery shops are sole proprietors, but it is not recommended.
    What if I wish to convert from Sole Proprietorship to Private Limited Company or Partnership?
    The procedure involved is a little tedious, but it is possible. It is very common for sole proprietors to convert into partnerships or private limited companies at a later stage of their businesses.
    What businesses are commonly run as Sole Proprietorships?
    Most local businesses are run as sole proprietorships, from grocery stores to fast-food vendors, and even small traders and manufacturers. That is not to say that larger businesses cannot operate as sole proprietorships, they can! Jewellery shops are sole proprietors, but it is not recommended.