Proprietorship Firm Registration
The simplest form of a registered business is that of Sole Proprietorship. It is a business that is owned, managed and run by a single person. As with private and public limited companies, Sole Proprietorship is not registered with a Memorandum and Article of Association. Its registration is recognized by service or tax registration. Also, unlike other forms of companies, it does not have to follow a plethora of rules and regulations. It is a great source of income for the people in the unorganized sector of the Indian economy.
Corporate Consult provides the service of registration of Sole Proprietorship to its clients. Our services are available at competitive prices and the work is thorough. A sole proprietorship is registered easily, in comparison
to other forms of companies.
The owner of this form of business has unlimited liability. In simpler terms, there is no legal difference between the owner of the business and the business. It carries many advantages:
- The owner has the freedom to start and end the business at their will. They have the freedom to run the business according to their needs.
- There are very few requirements that have to be met. These compliances are equivalent to an employed person and thus, do not require much attention.
- A Sole Proprietorship is registered easily. There are no minimum requirements of capital, directors or employees.
For small businesses, this form of company is a great source of revenue. Thus, to get registered, interested clients can contact us. We provide the following services:
- The business is registered as MSME. This helps in gaining many benefits and the owner can enroll in different schemes run by the government.
- A Tax Deduction Account Number or TAN is applied for the business. It provides TDS facilities.
- We also guide on various types of indirect taxes, trademarks, and other business-related stuff. This helps the client in understanding the tax system better and to run their business efficiently.
Procedure for Company Registration
Our experts have devised a quick and easy process for registration. During the registration, the clients are updated regularly. The procedure is fairly simple and involves the following steps:
- Interested clients will have to fill out an online form wherein they will have to mention their details regarding the business and other required information. With the form, they will also have to attach the required documents which will be needed in the next step.
- After the clients have filled the appropriate form, our team of experts will verify the documents to avoid any difficulties. If any other document is required, the client will be informed.
- After the documents have been verified, our team of knowledgeable and experienced professionals will fill the required forms, gather the required data and create every such other legal document which will be required at the submission. The whole set of documents will be then submitted to the appropriate authority for evaluation and approval.
- As soon as the approval is granted, the clients are informed and they are provided with the necessary documents and certificates that certify their business is a sole proprietorship. A certificate of incorporation is not issued for this form of business.
The whole process takes up to a maximum of 10 working days. The documents prepared and gathered for the submission meet all the legal requirements and once the approval is granted, the client can start running their business.
Documents Required for Proprietorship Registration
Few of the required legal documents will have to be provided by the client while the rest will be prepared by us. For successfully registering as a Sole Proprietorship business, the following documents will be needed:
- PAN card of the owner of the business.
- Electricity or water bill for address identification purposes.
- Copy of a valid government ID of the owner.
Since there are no directors or shareholders in the company, very few documents are required. These are used to
identify the person and their address. These details, along with the PAN card prove enough to get a person registered as Sole Proprietorship and thus, it is the easiest way of doing business on a small scale. To open up a bank account for this type of firm, the owner will need two registration forms. These forms could include service tax, MSME registration, Professional License, etc.
The person must be of legal age, a citizen and resident of India.
One of the advantages of Sole Proprietorship is that there is no minimum requirement of capital. The owner can start with whatever is available with them.
No, a sole proprietorship is not issued a Certificate of Incorporation. Its identity is established through service tax registration, MSME registration, VAT registration, and other such documents.