Proprietorship Registration in Dwarka Delhi

Proprietorship Registration in Dwarka Delhi

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What is Sole Proprietorship Registration?

A sole proprietorship is a type of unregistered business entity that is owned, managed and controlled by one person. Sole proprietorship's are one of the most common forms of business in India, used by most micro and small businesses operating in the unorganised sectors. Majority of the businesses in India are unregistered with many being operated as a sole proprietorship firm business. A sole proprietorship is one of the easiest and simplest form of business entity to register and maintain in India. There is no formal sole proprietorship registration and to start a proprietorship only PAN number for the Proprietor, certain licenses and capital is required.

Documents Required for Proprietorship Registration

• PAN Card
• Aadhar Card
• Bank Account
• Registered Office Proof

Although sole proprietor doesn’t require any specific registrations, he is advised to obtain a few registrations to make his business function smoothly.

• Registering as SME
• Shop and Establishment Act License
• GST Registration

Advantages of Proprietorship

Sole proprietorship is the most widespread form of business ownership in the India. As the name suggests, it is a kind of business in which a single person is vested with the ownership of the assets and affairs of the business. In this article, we look at the advantages of a proprietorship firm.

• Easy to Establish: A sole proprietorship business does not have any specific registration requirements and the proprietor’s legal identity is used by the business.
• Easier to Operate:As a single person is at the helm of affairs, it is easier to operate as the particular person will be the sole decision maker and he need not consider a plethora of opinions. There is no concept of a board meeting or approval from other persons in a proprietorship firm.
• Sole Beneficiary of Profits: No other business, other than that of a sole proprietorship and one person company, entitles the owner as the sole beneficiary of profits. In all other types of an entity like a partnership, LLP or company, a minimum of atleast two persons are involved.