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A sole proprietorship is one of the three primary entities for forming a business (the other being partnership and private limited companies). And a sole proprietorship is the simplest and most common legal structure someone can choose. It’s an unincorporated business owned and run by one individual in which there is no distinction between the business and the owner. A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship. It is ideal for small trader and merchants. Generally, local trader doing small scale business opt for sole proprietor firm like grocery shops, medical shops, dairy shops, bakery shops, general provision store, garments shop etc. And a sole proprietorship is considered one of the easiest types of businesses to start in India.
A sole proprietorship
is not considered a "separate legal entity" since there is no
distinction between the business and the owner (proprietor). In sole
proprietorship the owner holds unlimited liability for the business, including
full responsibility for all of the debts and/or losses that result from
business operations. In turn, the owner is entitled to all of the profits
generated by doing business. The business and the owner are considered to be
one and the same. Proprietorships are simple to start and have minimal
regulatory compliance requirements for operating. This entity is most popular
forms of business structure for micro and small businesses operating in the
unorganized sectors with few clients.
PAN Card | Self attested PAN Card issued by I.T. Department |
Aadhar Card | Self attested Aadhar Card issued by UIDAI |
Photograph | Passport-size colour photographs |
Address Proof | Electricity bill or other utility bill |
Rent Agreement | Rent agreement or NOC from premises owner |
Cancel Cheque | Cancel cheque of the applicant |
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Registration may or may not be required, depending on what business you are planning to establish. However, to open a current account, banks typically require a Trade License or GST Registration or MSME Registration or Import-Export Code or Shop and Establishment License. Sole proprietorship firms are one of the most commonly seen business structure form in India. Each proprietorship differs in terms of the business activities (functions) and mode of business operation. A sole proprietorship firm registration is single person firm registration, and is advised to obtain a few registrations to make his business function smoothly:
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Self attested PAN Card issued by I.T. Department
Self attested Aadhar Card issued by UIDAI
Passport-size colour photographs
Electricity bill or other utility bill
Rent agreement or NOC from premises owner
Cancel cheque of the applicant