What is Sole Proprietorship Firm?
A sole proprietor is an individual who is the exclusive owner of a proprietorship business. The proprietor bears full responsibility for all the assets and liabilities associated with the company. All the decisions and management of the business is in the hands of one person
Benefits of a Proprietorship Firm Registration
- Easy and Inexpensive Setup
- Complete Control
- Minimal Compliance requirement
- Easy Dissolution
- Flexibility and Agility
- Simple Tax Structure
- Lower Cost
Minimum Requirements for Proprietorship Firm Registration
- GST Registration
- Current Account
- Tax Paying Citizen of India
- MSME Registration
Document required for Proprietorship Firm Registration
- Copy of PAN Card of person
- Identity Proof (Voter Card, Passport, Driving License)
- Address Proof (Bank Statement, Mobile bill, Telephone bill, Electricity Bill)
- Passport Size Photo
- ITR Copy
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