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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.
In a General Partnership firm, the Partners collectively own and manage the business and share their responsibilities and liabilities with each other.Although considered simpler to set up, each partner has ‘unlimited’ liability [his personal property can be used to settle the liabilities of the Partnership]

Registration is optional for General Partnerships. Contact our Smithtaxs experts now to know the recent partnership deed format. Also, partnership firm registration online can be done with a few documents in simple steps.

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Checklist Items for a Sole Proprietorship Registration .

• A certificate/license issued by Municipal authorities under the Shop & Establishment Act.
• The license issued by Registering authorities like the Certificate of Practice is issued by the Institute of Chartered Accountants of India
• The registration/licensing document is issued in the name of the proprietary concern by the Central Government or the State Government Authority/ Department, etc,

Registering A Sole Proprietorship .

  • Proprietorship documents
  • Opening A Current Account

To start a Sole Proprietorship, the following documents are required

  • Issue of GST Registration/Certificate.
  • Address and identity proof
  • PAN card, KYC documents and
  • Rental agreement or sale deed (in case of Shops & Establishment Act Registration).

To open a current account, the following documents are required;

  • Proof of the existence of your business
  • Shops & Establishments Act Registration
  • PAN card
  • Address and Identity proof