A proprietorship firm is a type of unregistered business entity that is owned, managed and controlled by one person. Sole proprietorships are one of the most common forms of business in India, used by most micro and small businesses operating in the unorganized sectors. Proprietorship firms are very easy to start and have very minimal regulatory compliance requirement for started and operating.
However, after the startup phase, proprietorship’s do not offer the promoter a host of benefits such as limited liability proprietorship, corporate status, separate legal entity, independent existence, transferability, perpetual existence – which are desirable features for any business. Therefore, proprietorship firm registration is suited only for unorganized, small businesses that will remain small and/or have a limited period of existence.
Basically, for the Sole Proprietorship Firm, our ultimate purpose is opening a current bank account on our firm so we can raise the invoice but banks always ask for Minimum 2 Legal Proof as per RBI Guidelines for opening a current bank account on your business name.
Shop Act License or Gumasta License
Its a local municipal corporation Shop act license certificate which need to start the business. In Some state like Maharashtra its also good Gumasta License. its need your basic documents like Pan Card, Voter id or adhar card and Business Registration Address Proof like rent agreement copy or No Objection Certificate from landlord.
Cost and Fee for the Sop Act License or Gumasta License cost nearby 3000 Rupees in India. its very on professional to professional. so on the basis of Shop Act License.
GST Registration Certificate
The business holder who supply goods with the annual turnover of rupees 40 lakhs and the one who supplies services with the annual turnover of rupees 20 lakhs has to apply for GST registration.
GST registration can be done in rupees 1500 by visiting Online GST registration portal. Make the most of gaining your GST record by experts. Also, if you have registered a GST and want to file a GST return? Then you can ask to expert for help or can hire service to file return without headache.
Procedure of Proprietorship firm registration
Let us understand how to register a proprietorship firm in India.
- Fill up a simple form on Online Sole proprietorship registration website providing basic information about proprietor and business.
- Provide relevant documents online and we will file them with relevant authorities.
- We will get your proprietorship registered.
Proprietorship registration can be done easily by visiting Online Sole proprietorship firm registration website. Along with that, you can manage your accounts and banking related in queries with the help of EZOTO Software – By Downloading this accounting Software you would be able to manage invoice, accounting, credit, inventory, customers, etc and fulfill all your accounting needs.