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Proprietorship Firm Registration

Summary Documents Procedures Characteristics

Summary

We at VGC can help you register your Proprietorship Firm.

Sole proprietorship is one of the oldest and easiest Business Structure to start in India. Proprietorship Firm in India is a type of business that is owned, managed and controlled by one person. The owner is responsible for all aspects of business, including liabilities and debts. A sole proprietor can use any name for their business as long as it is not used by another business in same area. VGC would suggest applying for trademark application to save your brand name from infringement.

Any Indian citizen can get a proprietorship firm registration, having a current bank account in sole name or name of the business. The proprietor should apply for GST Registration on GST portal, MSME registration on Udyam portal and obtain shops and establishment registration.

Advantages and disadvantages

Advantages of Proprietorship firm Registration

It is simple form of business and requires less time, money and energy.
The tax forms and registration forms required are minimal in comparison to other forms of business.
Easy decision making.

Disadvantages of Proprietorship firm Registration

All personal and business risks are taken by owner alone.
The owner is personally liable for all business debts and legal action taken against the business.
Capacity to raise capital is limited.

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Documents

Documents Required for Proprietorship firm Registration

Copy of the PAN card of the owner.
Copy of Aadhar Card.
Registered office proof
Bank statement

Registrations required for Proprietorship Firm

Registering as small and medium enterprise (SME) under MSME Act.
Shop and establishment Act license.
GST Registration

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Procedures

1. The PAN Card and Aadhar Card of the owner is essential.

2. GST Registration = The proprietor must obtain GST Registration through the GST Portal and below documents are required.

* PAN card of owner
* Digital signature certificate of Authorised signatory
* Bank account details
* Address proof details
* Utility bills and other documents.
* Passport photo of owner and Authorised Signatory

3. Opening a Bank Account = The Bank Account should be in the name of business owner using owners PAN Card and submitting the below:

* Shop and establishment license Act
* GST Registration certificate.

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Characteristics

BENEFITS AND CHARACTERISTICS OF PROPRIETORSHIP FIRM REGISTRATION

1. Sole proprietorships are easy to establish.
2. Less paperwork to get started.
3. Fewer Registration Fees.
4. The business owner takes all business decisions. There is no consent or approval required from any other person.

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