A) Introduction of Proprietorship business
The Sole proprietorship is owned, managed and controlled by an individual. Proprietor is the only person who has control over the responsibility for running the business, arrangement of capital and management of the business.
No deed or agreement is required to register your business. Proprietor of the firm is entitled to bear all the profits and losses of the business. Liability of the Proprietor is unlimited.
B) Benefits of Partnership Firm Companies
Easy Formation
Sole proprietorship is the most popular form of business organisation due to the ease of formation. This helps to increase young entrepreneurs for the development of their business and startup ideas.
Inexpensive Management
The formalities are less and inexpensive in setting up sole proprietorship firms. The Sole Proprietorship does not appoint any specialist for various functions.
Decision Making Power
The power of Decision making will be in the hands of the proprietor. Since the business is managed by one person, the management becomes simple and easy.
Less Legal Compliances
The legal compliances under proprietorship is much lower than other form of business registrations
C). Documents required for Registration of Proprietorship Firm
ID Proof
Aadhar / Voter ID / Driving licence / Passport of Proprietors.
Address Proof and Utility Bill
The Address proof of the Proprietor, the Proof of the registered place of business (Ownership documents/ rent or lease agreement) or any bill in relation to electricity /landlord bill / bank statement.
Photos
A photo Copy of the respective Proprietor
PAN
The PAN card of the respective Proprietors,
DSC
Digital signature is the electronic signature format of the Proprietor / signatory authority for the purpose of e-filing with the Register of Companies.
NOC (Owner/Landlord)
No objection certificate by the owner / landlord must be enclosed.
- Additional Documents
Principle Place of Business GPRS Shop Photo With Proprietor