A proprietorship is a form of business structure that best suits for small businesses that can be owned and managed by a single individual. The proprietorship is a popular business form due to its simplicity, nominal cost, and ease of setup. A proprietor need only register his or her name and secure local licenses, and the proprietor is ready for business.
In proprietorship Firm there are not many special rules and regulations to follow, it does not have a separate law to govern it. In other word we can say it is a independent type of firm which have minimum legal formalities.
In the proprietorship firm there have minimum compliance and it is identified by its government and tax registration. Therefore, the degree of its agreement is confined to the yearly filing of the service, sales or professional taxes.
In the proprietorship firm there is no separate legal identity in this type of business and the owner are one and the same, the owner will be responsible for all the activities and transactions of the business.
In the proprietorship firm the proprietor have full authority to control over operations and business decisions. And proprietor or the owner can be control all financial decisions associated with the business and get all profits.
The following documents are required.
Identity proof:
ID Proof and Address Proof of the sole Proprietor as Adhar Card, Driving License or passport etc.
Ceritificate and Agreement:
Rent Agreement, No Objection Certification or Electricity bills of the property where you want to register the business.
Bank account details:
a copy of canceled cheque or bank statement.
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