A proprietorship firm is the simplest form of business registration where the responsibility of operation and running the business lies solely with the owner. In proprietorship firm, only a single person can control, manage and invest entire capital, assets and bear all the profit or loss of the company.
There is no defined mechanism for registration of a proprietorship firm. The easiest way to register a proprietorship is through Local License / Registration and Tax registration.
Bizpole services will help you in registering your proprietorship through different ways of registration suited for your business type.
Benefits of Registering a Proprietorship
- Easy to Begin Formation and closing of proprietorship is an easy to process as compared to other business formation.
- Economical it is cheaper to start proprietorship when compared to other business registration.
- Lower tax Liability There is no corporate tax liability on Proprietorship Company.
- Minimal Compliance Compliance is minimal in comparison with other forms of business.
To start a sole proprietorship, you would need the following documents.
- Pan card (Mandatory)
- Address proof
- Utility bill of the Firm register office.
- Bank details like a bank statement, cancel cheque.