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Proprietorship Firm Registration
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A sole proprietorship firm does not need any specific registration, but the owner is advised to get some essential registrations for better operational functioning of the firm. In a proprietorship firm structure, there is no difference between owner and the business. Owner controls everything directly in the business and has the unlimited responsibility for all losses and debt.
It is less complicated way to start a business. There is no such registration with Government in proprietorship structure. There is separate PAN card required in the name of business. The income tax return and the payment of taxes is done by proprietor only. A proprietor can have a separate trade name for the business. Lex Koterie LLP provide the following services:
✅ Consultancy services on your business needs while you start the business.
✅ Documents help for bank account opening.
✅ GSTIN Number.
✅ MSME Certificate.
Mandatory Registrations for a Proprietorship Firm
- MSME Registration.
- Shop & Establishment Act Registration.
- GST Registration.
- TAN Registration.
- Opening Current Account.
- Other registration.
Requirement for Proprietorship Firm
- Required Minimum 1 person.
- Suitable for Home based business.
- Traditional Business Model without Corporate Structure
Benefits of Proprietorship Firm Registration
- All profits/losses retained by owner.
- Completely owned, controlled and managed by single person with all authority & responsibility.
- Apply and obtain for trademarks, patents, copyrights and other IP assets.
- Free to do any business at any point of time as there is no scope document which limits or restrict you to a specific set of businesses.
- Open a separate bank account in the name of the business.
- Hire employees to facilitate running of business.
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Lex Koterie LLP is one of the leading professional group involved in Taxation consultancy services, GST, Audit and Assurance, Secretarial and Corporate Law Services, Mergers and Acquisition to Corporate Financial and Risk Advisory, accounting/ related support and outsourcing services.
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