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Proprietorship

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A proprietorship/ Sole proprietorship trading firm is a business that is owned and run by an individual person. Proprietor ship firms are one of the most common forms of business in India. This firms is easy to start and there is very less regulatory requirements.  

Proprietor ship business registration is dependent on the nature of the business and depending rules and regulations. Generally Proprietorship business is preferred by the most micro and small businesses operating in the unorganized sectors. The existence of a proprietorship needs to be established through tax registrations and other business registrations that a business is required to have as per the rules and regulations based on the Nature of the business.

For Instance Proprietorship can be registered for General Retail & Wholesale Sale by way of the Goods and services Tax Registration (GST). All the registrations for a proprietorship will be in the name of the Proprietor. So, the Proprietor is personally liable for all the liabilities of the Proprietorship | Sole proprietorship firm. 

SERVICE INCLUDES

DOCUMENTS REQUIRED

  • PAN card of the proprietor
  • Address Proof of the proprietor ( Any one of electricity bill or bank statement or landline bill or mobile bill )
  • Specimen Signature ( Signature Copy )
  • Ownership proof
  • Rent agreement of your registered office, No objection certificate from the owner of the property of the property / Rent agreement of your registered office ( If Rented )
  • No objection certificate from the owner

Process

5 Simple & Easy steps to work with us.



1

Fill Form

Fill the Request a Call Back form from the Service Page you want to avail

2

Talk to Expert

After Filing the form you will get a Free Expert Consultation for your Idea

3

Plan Purchase

Purchase the Plan after the Consultation from the TaxWix Experts.

4

Upload Documents

Upload All Basic Documents to Work on the case.

5

Completion

After Processing Our Taxwix Will Complete your Registration Process.

FAQ

Only one Individual / HUF is required to start this and it can have only one promoter who can be himself or karta of Hindu undivided family .
It Should be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietor – ship with prior approval of the Government of India
There is no specific requirement of the Name in the this firm . Individual or Proprietor can keep any name of the Proprietor ship firm with keep in mind that Name should not be Similar to other s trademark. The name of the firm should not contain any words which indicate the approval/support of the government unless the government has given its written consent for the use of such words as part of the firm’s name. The name of the firm can be reserved by getting trade mark registration
To open a bank account for a Proprietor ship, Reserve Bank of India mandates that the proprietor provide two forms of registration for the Proprietor ship along with the PAN Card, identity proof and address proof of the Proprietor. The two forms of registration can be any two of the following: MSME registration, GST Registration, Shop & establishment Act registration, Professional license, Chartered Accountant certificate or others as provided in the RBI Know Your Customer norms.
There is no limit on the minimum capital for starting a Proprietor ship. Therefore, It can be started with any amount of minimum capital.
Most local businesses are run as sole proprietor ship, from your grocery store to a fast food vendor, and even small traders and manufacturers. This is not to say that larger businesses do not operate as sole proprietors. Even some jewelry shops are sole proprietors, but this is not recommended. as it has its own dis advantages
Proprietorship firms are business entity that are owned, managed and controlled by one single person Individual. So, this firms cannot issue shares or have investors.
Yes, there are procedures for converting your Proprietor ship business into a Company or a LLP at a later date. However, the procedures to convert a proprietor ship business into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Proprietor ship.
Proprietor ship will have to file their annual tax return with the Income Tax Department. Other tax filings like GST filing Goods & Service Tax Filing may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partner ships and Companies.
Yes, With the Help of the us. you can start your proprietorship in Faster Easier Way. Individual engaged in providing services online or offline to clients, Businesses manufacturing goods, Traders and merchants selling goods

Author: Taxwix

Taxwix – Making Your Idea Happen Taxwix.com has a team of experts like, CA, CS and Lawyers etc having the great dominance in field of the Corporate Compliance along with Advisory,Taxation and Finance. Taxwix team guides the Startups with their Idea and help help them to take ahead in the Legal Manner, helps in proper managing the business with accurate and timely Compliance. Taxwix has as simple 5 Step process to be followed to complete compliance