What are the Things that you should know before going to register Sole Proprietorship

It is the most common form of a small business ownership. A sole proprietorship is an unincorporated business claimed by one individual, making it the most straightforward type of business to begin and work. There are more than 20 million sole proprietorships working in the India, making it by a wide margin the most mainstream form of business ownership.

The key element of the sole proprietorship definition is that not unlike a consolidated business or an organization there is no legal separation between the business and the proprietor in a sole proprietorship - the business is thought to be an augmentation of the proprietor and all things considered to be an extension of the owner and as such the owner is personally responsible for any debts or liabilities incurred by the business.

There is no mechanism given by the Government of India for the enlistment of a Proprietorship. In this way, the presence of a proprietorship must be built up through tax registrations and different business registrations that a business is required to have according to the principles and directions. For example, VAT or Service Tax or GST Registration can be acquired in the name of the Proprietor to build up that the Proprietor is working a business as a sole proprietorship. Along these lines, every one of the enlistments for a proprietorship would be for the sake of the Proprietor, making the Proprietor personally liable for all the liabilities of the Proprietorship.

Documents required for the sole Proprietorship,

1)       PAN Card copy of proprietor.

2)      Electricity/Water bill (Business Place).

3)      Copy of Aadhaar Card/Voter identity card.

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