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Proprietorship Registration
Sole proprietorship is one of the oldest and easiest Business Structure to start in India. A proprietorship is a type of business that is owned, managed, and controlled by one person - who is the proprietor. As the proprietorship and proprietor are one and the same, it is very easy to start and there are very minimal compliance requirements.
As the proprietor and the business are one and the same, a proprietorship cannot have other partners or shareholders. Further, there is no limited liability protection for the proprietor from the business activities conducted in the sole proprietorship. Hence, this type of business entity is best suited for every small businesses with no more than 5 employees.
Benefits of Proprietorship
Quick to Start
Low Compliance Burden
No Sharing of Profits or Control
Easy Bank Account Opening
Easy Tax Filing with CA Help
Documents Requried
1. PAN card of the Proprietor.
2. Aadhaar card of the Proprietor.
PAN & Aadhaar Verification
GST Registration
Udyam (MSME) Registration
Business Bank Account Assistance
Post-registration Tax & Filing Guidance
Registration Package Includes
Frequently asked questions
Essential Licenses and Registrations
To register proprietorship firm online and run in India, you need important licenses and registrations, including:
Get a Permanent Account Number (PAN) and an Aadhaar card for your business identification.
Register under UDYAM, which recognizes your business as a Micro, Small, or Medium Enterprise (MSME) and offers government benefits.
If your business exceeds specific thresholds, you must register for Goods and Services Tax (GST) to collect and pay GST.
Open a separate bank account for your business to manage finances smoothly.
Depending on your business location, register under your state's Shops and Establishment Act to follow local labor regulations.
PAN Card for Proprietorship Firm Registration Online
A proprietorship is not a separate business entity. Hence, there is no procedure to obtain proprietorship PAN card. The PAN card of the business owner is used for the proprietorship.
Register Proprietorship Firm Online through ecbizfiling
You can easily complete proprietorship firm registration online through IndiaFilings. For a sole proprietorship registration, only the PAN & Aadhaar card of the business owner is required. We can help you obtain the following registrations in less than 15 days:
GST Registration
Zero-Balance Business Current Account with LEDGERS Accounting Software
Obtaining GST Registration for Proprietorship
GST registration for a proprietorship will be obtained by IndiaFilings as a part of the service of register proprietorship firm online. The following documents are required for GST registration:
Permanent Account Number (PAN) of Proprietor
Digital Signature Certificate of the Authorized Signatory
Consent by Proprietor for obtaining GST Registration
Photograph of Proprietor and Authorized Signatory
Bank Account Details: A scanned copy of a cancelled cheque with the business entity's name, bank account number, MICR, IFSC, and branch information.
Declaration / Authorization to Authorized Signatory
For commercial purposes, the rent / lease agreement should be in the name of the proprietor.
Additional documents such as Aadhaar Card, Driving Licence, Passport, or Voter ID in the name of the Owner with the complete address of the premises should also be provided if the address on the ownership document (Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill) is incomplete.
Obtaining UDYAM Registration for Proprietorship
Udyam Registration can be obtained online to avail various benefits available for small and medium sized businesses. Once the GST registration is obtained, the IndiaFilings team would help obtain UDYAM registration by submitting Aadhaar card, PAN card and GST certificate to Government.
Bank Account for Proprietorship
The bank current account for a proprietorship will be opened in the name of the business owner using his/her PAN. The business owner will have to submit proof for doing business. Any two of the following documents can be submitted to create a current account instead of savings account in the name of proprietorship:
GST registration certificate
Shop & Establishment Act license
License issued by the Registering authority like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities,
Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening a bank account etc.
Compliances for Proprietorship
The following are some of the compliances that are applicable for a sole proprietorship registration:
Income Tax Filing: The business owner of a proprietorship will have to file a personal income tax return using the form ITR-3 or ITR-4.
Business Income: Only income tax forms ITR-3 and ITR-4 allow for declaring business income. Hence, all proprietorships will have to file form ITR-3 or ITR-4 to be compliant with the income tax regulations.
GST Return Filing: If a proprietorship has GST registration, GST return must be filed every month and quarter as per the scheme under which the business is registered.
TDS Returns: In case the proprietorship is having employees or purchasing goods/services beyond a certain threshold - tax must be deducted at source and TDS returns must be filed every quarter.
In addition to the above, various other compliance requirements maybe applicable to the proprietorship based on industry and location.
Proprietorship vs Limited Liability Partnership (LLP) vs Company
Documents Required For Proprietorship
PAN Card
PAN card of the Proprietor.
Aadhaar Card
Aadhaar card of the Proprietor.
Documents Required for GST Registration
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Your Trusted Partner in Registration
EcbizFiling.com is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Incorporating a Proprietorship Firm is easy, seamless, cheapest and quickest with EcbizFiling.com! Apart from a Proprietorship Firm, EcbizFiling.com also helps entrepreneurs with Private Limited Company Registration, Public Limited Company Registration, Partnership Registration, HUF, One Person Company and LLP Registration easily. You may get in touch with our compliance manager on 09526465666 or email info@ecbizfiling.com for free consultation.
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