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Proprietorship Firm Registration
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Procedure For Sole Proprietorship Firm Registration
Documents Required for Sole Proprietorship Firm Registration Online
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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 15-25 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 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
A 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 5 Days.
One of the main reasons why small traders and merchants choose Proprietorship is because it is economical.
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.
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 5 Days 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.