Proprietorship Registration – PENTAGON TAXCORP

Proprietorship Registration

Proprietorship Registration

Documents Required for Registering A Sole Proprietorship

To start a Sole Proprietorship, the following documents are required

PAN Card Copy of the Proprietor

Address and Identity Proof

Proof of the existence of your business.

The following can be shown as proof of address of the Proprietor:-

Passport

Aadhar Card copy

Driving License

Voter Identity Card

Bank Account Statement

Telephone or Electricity Bill

FAQs on Sole Proprietorship

Who can start a Proprietorship?

Any Indian citizen can start a proprietorship firm.
What are businesses commonly run as Sole Proprietorship?

Most local businesses are run as a Sole Proprietorship, from your grocery store to a fast food vendor, and even small traders and manufacturers. This is not to say that larger businesses do not operate as sole proprietors.
Is registration online or I have to submit any documents to the government office?

Thanks to Government of India’s digital initiatives, all registrations are completely paperless and online. We provide all services online so that you don’t need to move an inch from your office or home.
What documents are needed for opening a current account in the name of my Sole Proprietorship?

To open a current account, you need proof of the existence of your business. Many banks will ask for MSME registration and/or GST Registration. In addition, you will need a PAN card and address and identity proofs.
What if I wish to convert from Sole Proprietorship to a Private Limited Company or Limited Liability Partnership?

You can always choose to do so. The procedure is very simple. It is very common for sole proprietors to convert into partnerships and private limited companies at a later stage.
What compliance do I need to do once I register my firm as Sole Proprietorship?

1. As a sole proprietor, you must file Income Tax Return annually.
2. Also, you need to file your GST Return if you are registered under GST.
3. A sole proprietor should also deduct TDS and file TDS return if liable for Tax Audit.

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