Complete Guide on How you Can Register Proprietorship Firm in india
if you want to start a new online or offline business, sole proprietorship is the best option for you. A sole proprietorship is an unincorporated business owned by one person. The owner of a sole proprietorship is known as a sole proprietor. You can start it the day you want it. When your business grows you can then turn it into an LLP or a Company.
Steps for register sole proprietorship firm in india for Startups
As a sole proprietor, you can operate the business under your own name or under a trade/firm name or your website’s name. e.g. Let’s say you are an IT consultant, you can operate the business under your own name “Devyash, Startup Consultant” or under a trade/firm name “MyOnlineCA Startup Legal & Financial Consultants”.
How to open a current bank account for proprietorship :-
If you want to open a current bank account under your trade name “ABC Consultants” you will need couple of things
1) Service tax registration (MyOnlineCA) or Sales Tax (MyOnlineCA) or VAT registration (MyOnlineCA) or Shop Establishment license(MyOnlineCA).
Note :- For consultancy you need just service tax regd but for selling goods you will have to go for sales tax/ vat registration and shop license
2) Letter from your CA(MyOnlineCA) regarding the nature of your business.
3) Letterhead with the firm’s name and address.
4) Stamp in the name of the Proprietorship.
5) Address and ID Proof of the proprietor. If proprietorship address is different then you will also need office premise address proof.
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