PROPRIETORSHIP FIRM

A Sole proprietorship is a business is owned, managed and controlled by a single individual. In India, it is one of the most common forms of business. This form is utilized by small businesses operating in the unorganized sectors.

Proprietorship is recognized by other registrations, such as GST registration. It has too many shortcomings, such as unlimited liability of proprietor, and it does not have continuous existence. For these reasons it is considered by small merchants and traders as a business structure. 

A proprietorship registration is needed for the individual owned business for doing business, hence it is recommended to get the given registrations in order to run the business function smoothly and legally. An individual could select any form of registration from the below: 

• Shop and Establishment Registration under the laws of the individual states
• Registering as SME
• GST Registration

The documents required for a Proprietorship Firm registration are;

• Registered office proof (for Rented Property: Rent agreement and NOC from landlord/ For a Self-owned Property: Electricity bill or any other address proof.)
• PAN Card of the proprietor
• Bank Account