Proprietorship Firm Registration

Proprietorship Firm Registration 

A 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 is no legal distinction between the Owner and the Proprietorship Firm.

Unlike other forms of legal entities such as 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 “TotalTaxGuru”, can help you start your Proprietorship Firm quickly within a few Days.

Benefits of a Proprietorship Firm 

Easy to start- A sole proprietorship is easy to start as it requires only simple registrations such as GST, MSME. Only simple documents are required such as PAN Card, Aadhaar Card, etc. along with Proof of Address. 

Owner has the control over all business decisions. The owner can also fully transfer the sole proprietorship at any time as they deem necessary.

Minimal Compliance- Sole Proprietorships are only recognized via their government and tax registrations, so the extent of their compliance is limited to the annual filing of their service, professional or sales taxes.

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

Documents Required for Proprietorship Firm Registration 

• Aadhar Card
• Pan Card
• Photos
• Address Proof (electricity bill, rent agreement)
• Registered Office Proof (electricity bill, registry proof, house tax)

Frequently Asked Questions 

Q. Who can get Proprietorship registration?

Ans. Any Indian citizen which have current account with his/her business name are eligible for 
Proprietorship Firm registration.

Q. How long does it take to register a sole Proprietorship in India?

Ans. It takes around 5 to 6 days.

Q. What businesses are usually established under Proprietorship Firm?

Ans. Mostly all local businesses are run under Proprietorship Firms, and even small traders and manufacturers and some other businesses are also. 

Q. What is the minimum capital is required for Proprietor Firm registration?

Ans. There is no any fixed amount required for Proprietorship Firm registration.

Q. Can I have partners in a Proprietorship business?

Ans. No, it cannot have ay other business partner. If your Business requires one other business partners, you may choose the option of Partnership Firm, Private Limited Company, or LLP.