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DIPP42730

Proprietorship Firm Registration

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Procedure For Sole Proprietorship Firm Registration

steps-for-registration

Time Taken

15
Days

Documents Required for Sole Proprietorship Firm Registration Online

Only Scanned Copies are required

ID Proof

PAN Card of all directors alongwith Voter ID/ Passport/ Driving License

Address Proof

Latest Bank statement/ Electricity Bill/ Telephone Bill/ Mobile Bill not older than two months

Photo

Latest Passport Size Photograph

Registered Office Proof

Electricity bill (not older than two months) and Notarized Rent agreement (in case of rented property)/ Registry Proof or House Tax Receipt (in case of owned property), No Objection Certificate (NOC) from the owner

What You Get

GST Certificate

MSME Certificate

What is a Sole Proprietorship Firm?

A Sole Proprietorship Firm is an entity that is owned, controlled and managed by a single person who is also known as Proprietor. In a Proprietorship, there’s no legal distinction between the Owner and the Proprietorship Firm.
Unlike other forms of legal entities such as Partnership Firm, Private Limited Company, LLP, etc. which may take up to 10-15 days to be registered, the Proprietorship can be started within a few days which makes it a very popular choice of business, to begin with especially among merchants and small traders. We, at LegalFidelity, can help you start your Proprietorship Firm quickly within 3-5 Days.
For a Proprietorship, there’s no specific type of registration. Thus it is identified by other types of registrations such as MSME, GST, etc. to name a few. Also, there’s unlimited liability in Sole Proprietorship aka Sole Trader Registration.

Benefits of a Sole Proprietorship Firm

Easy to start
sole proprietorship is easy to start as it requires only simple registrations such as GST, MSME. Also, only simple documents are required such as PAN Card, Aadhaar Card, etc. along with Proof of Address. Due to this fact, a Sole Proprietorship can be started effectively within 3-5 Days.

Inexpensive
One of the main reasons why small traders and merchants choose Proprietorship is because it is economical.

Minimal Compliance
Unlike other legal entities such as One Person Company (OPC) or LLP etc. there are no annual compliances in Proprietorships. Due to this, it is one of the most common forms of business in India, utilized by small traders and merchants especially those operating in the unorganized sectors.

FAQs on Proprietorship Firm Registration in India

A Sole Proprietorship is an entity that is owned, controlled and managed by a single person who is also known as Proprietor.

For a Sole Proprietorship, there’s no specific type of registration. Thus it is identified by other types of registrations such as MSME Registration, GST Registration, etc. We, at LegalFidelity, can help you start your Proprietorship Firm effectively within 1 Day only.

If the Sole Proprietorship has an annual turnover of less than Rs. 40 Lacs, then GST Registration is not mandatory for Sole Proprietorship

No, Current Account is not mandatory but it is advisable to open current account for Sole Proprietorship.

Any Indian citizen having basic documents such as PAN Card, Aadhar Card, etc. can become a Proprietor.

Since Proprietorships are recognized by alternate forms of Registrations such as MSME, GST, etc. you won’t get a Proprietorship Certificate in Proprietorship Registration.

Only basic documents are required such as PAN Card, Aadhaar Card, etc. along with Address Proof are required to start a Sole Proprietorship business in India.

We, at LegalFidelity, can help you start your Proprietorship Firm effectively within 1 Day only.

Yes, it is possible to convert Proprietorships to other legal entities such as Private Limited Company, LLP, OPC, etc. The procedure is a little bit complex, but it is still possible. Many Proprietorships convert to Private Limited or Partnerships etc. at a later stage.