Sole Proprietorship
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.
- 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,
- The banks may also accept the IEC (Importer Exporter Code) issued to the proprietary concern by the office of the DGFT as an identity document for opening of the bank account etc,
- Complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated and acknowledged by the Income Tax Authorities,
- The utility bills such as electricity, water, and the landline telephone bills in the name of the proprietary concern,
- Issue of GST Registration/Certificate.
What Are The Documents Required For Registering A Sole Proprietorship?
To start a Sole Proprietorship, the following documents are required
- Address and identity proof
- PAN card, KYC documents and
- Rental agreement or sale deed (in case of Shops & Establishment Act Registration).
Professional Guidance
Our experts give you professional guidance on many of the processes involved in registering your business as a sole proprietorship, along with registration of service tax, sales tax, import/export code, and professional tax.
Vendor Relationship
Our team will connect you with an established vendor who will book your application and also keep you updated on its status and progress. The vendors we have onboard are well-accomplished and skillful in managing native registrations.
15 Business Days
Our team will offer full assistance with the registration process. This could vary between 5 and 15 days, depending on the task at hand for the authorities involved.
What Are The Documents Required For Opening A Current Account?
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.
Why ACTOLEGAL?
We provide specialist and technical advice based on commercial experience that does not cost the earth. We seek long term relationships with our clients and contacts and understand the importance of providing advice in a proactive and personal way. We are trusted by our clients to manage complex and valuable transactions because we know and understand them, their aims and objectives. We work with our clients as part of their expanded in house team and help them to be more successful. We look forward to working with you
FAQ about Sole-Proprietorship
