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Proprietorship registration with GST registration, MSME registration along with business bank account opening, online payment gateway and LEDGERS accounting software for providing estimates, invoices, tracking purchases, filing GST returns and generating GST eWay bill. Inclusive of government fee and taxes.

Partnership deed drafting along with GST registration, business bank account opening, online payment gateway and LEDGERS accounting software for providing estimates, invoices, tracking purchases, filing GST returns and generating GST eWay bill. Inclusive of government fee and taxes.

Company registration or LLP registration with PAN, TAN along with GST registration, business bank account opening, online payment gateway and LEDGERS accounting software for providing estimates, invoices, tracking purchases, filing GST returns and generating GST eWay bill. Inclusive of government fee and taxes.

What is a proprietorship?

A sole ownership is a sort of unregistered business substance that is possessed, overseen and constrained by one individual. Sole ownership is the most widely recognized sort of business in India and it is utilized by generally miniature and independent ventures working in the chaotic areas.

Ownerships are easy to begin and have insignificant administrative consistence prerequisites for working. This element is ideal for business visionaries who are getting into business unexpectedly and for independent ventures with not many customers.

Who is a proprietor?

The proprietor of a sole ownership business in India is known as an owner. It can’t be a corporate or lawful element. The owner and the ownership are viewed as a similar element lawfully.

The PAN and different archives of the owner are the reason for getting all other business enrollments and licenses. In the event of any issues of risk in the business, the owner is held by and by subject for it.

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  • Simplicity of arrangement  The business person can begin tasks and get installments from customers as no enlistments are needed to begin an ownership.
  • Simplicity of consistence  The other bit of leeway of a Proprietorship is that it requires no extra consistence by and large. The PAN of the owner and ownership are very much the same. Henceforth as a rule, just annual government form in Form ITR-3 must be recorded each year.
  • Simplicity of disintegration  The owner doesn’t need to especially wrap up the organization incase he needs to stop tasks. This spares a ton of time and exertion.


    • Liability protection: A sole proprietorship does not provide the proprietor with limited liability protection. So the proprietor would be held personally liable in case of any loss or liability.
    • Transferability: Any license or registration obtained in the name of the proprietorship cannot be transferred to any other person or entity.
    • Lifespan: The existence of the sole proprietorship is tied to the proprietor hence it would cease to exist with the proprietor.
    • Fundraising: A proprietorship cannot raise equity funds from angel investors, venture capital firms or PE funds. Banks also tend to restrictions on the amount of credit they can lend.

    Due to the disadvantages mentioned above, this registration will be suitable only for small businesses and the unorganised sector with a limited period of existence.

Key registrations

Every ownership varies regarding the capacities, demographic and the method of activities. Consequently, several the enrollments referenced underneath will be material.

MSME registration

MSME or Udyog Aadhaar enrollment can be gotten for the sake of the business to build up that the sole ownership is enlisted with the Ministry of Micro, Small and Medium Enterprises.

TAN registration

TAN enlistment must be gotten for the owner from the annual duty division if the owner is making compensation installments wherein TDS derivation is required.

GST registration

GST enrollment must be acquired if the owner is selling merchandise or administrations that pass the GST turnover boundary limit for enlistment. In many states, GST enrollment is needed for specialist organizations having yearly income of more than Rs.20 lakhs and in the event of brokers – yearly income of more than Rs.40 lakhs.

Import Export code

Import Export Code or IE code can be acquired from the DGFT for the sake of the business – if there should arise an occurrence of an ownership business undertaking trade as well as import of merchandise into India.

FSSAI registration

On the off chance that the ownership is engaged with the selling of food items or treatment of food items, FSSAI enlistment must be gotten from the Food Safety and Standard Authority of India for the sake of the owner.

Current account

A current record can be opened for a sole ownership through Bizcruise from different banks in India. Bizcruise offers selective associations through which zero-balance current records can be opened. It is suggested that GST enrollment be acquired for the equivalent.

General questions (7)

How many are required to start a proprietorship?

Only one person is required to start a proprietorship as it can have only one promoter.

What are the requirements to be a proprietor?

The proprietor must be an Indian citizen and resident. Non-resident Indians and persons of Indian origin can only invest in a proprietorship with prior approval from the Government of India.

Will my proprietorship firm have a separate legal identity?

No, the proprietorship firm and the proprietor are one and the same legally. The PAN of the proprietor will be the PAN of the firm. Therefore, there will be no separate legal identity for the business. The assets and liabilities of the business and the proprietor will also be one and the same.

How can I transfer my proprietorship?

A business operated under a proprietor cannot be transferred to another person unlike a limited liability partnership or a private limited company. Only the assets in the proprietorship can be transferred to another person through sale. Intangible assets like government approvals, registrations, etc., cannot be transferred to another person.

Can other people invest in a proprietorship?

Proprietorship firms are business entities that are owned, managed and controlled by one person. So they cannot issue shares or have investors.

What is the capital required to start a proprietorship?

There is no limit on the minimum capital required to start a proprietorship.

Can I later convert my proprietorship into a company or LLP?

Yes, there are procedures for converting your proprietorship business into a company or an LLP at a later date. However, the procedures for the same are cumbersome, expensive and time-consuming. Therefore, it is wise for entrepreneurs to consider and start an LLP or a company in case they are expecting it to be operational at a bigger scale or they want to raise investment.

Registration Process (7)

What are the documents required to start a proprietorship?

PAN of the proprietor along with the identity and address proof is sufficient to start a proprietorship and obtain other registrations, as applicable or required.

How will Bizcruise help me start a proprietorship?

AnBizcruise associate will understand your business requirements and help you start a proprietorship by obtaining the relevant registrations. Bizcruise will help obtain the necessary registrations to help the proprietor open a bank account in the name of the business, thereby providing an identity for the business.

How do I open a bank account for a proprietorship?

The Reserve Bank of India mandates that the proprietor provide two forms of registration of the proprietorship along with the PAN, identity proof and address proof of the proprietor. The two forms of registration can be any two of the following: MSME registration, Shop & Establishment Act registration, professional license, chartered accountant certificate or others as provided in the RBI KYC norms.

Will my firm have a registration certificate?

Proprietorship firms do not have a certificate of incorporation or a certificate of registration. The identity and legitimacy of a proprietorship firm is established by registering with the relevant or applicable Government authorities.

How to register the name of a proprietorship?

There is no registry or regulation for registering the name of a Proprietorship. Therefore, proprietorship firms can adopt any name that does not infringe on registered trademarks. Since there are no regulations for registering the name of a proprietorship, the only way to ensure exclusive use of the business name is to obtain a trademark registration of the business name.

Is audit required for a proprietorship?

It is not necessary for proprietorships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criteria.

What are the annual compliance requirements?

Proprietorships will have to file their annual tax return with the Income Tax department. However, annual reports or accounts need not be filed with the Ministry of Corporate Affairs which is required for an LLP or a company.

9 Articles to Read Before Proprietorship Registration

Methodology and archives needed for beginning an ownership in India. A sole ownership is one of the most well-known type of business in India. Any Indian resident can without much of a stretch beginning an ownership.
Sole ownership is the most far and wide type of business possession on the planet. As the name recommends, it is a sort of business wherein a solitary individual is vested with the responsibility for resources and undertakings of the business. In this article, we take a gander at the focal points and inconveniences of an ownership firm.
Method for change of ownership into private restricted organization. Private restricted organization offers huge favorable circumstances over the ownership firm.
Methodology for opening sole ownership ledger. The Reserve Bank of India has spread out Know Your Customer (KYC) standards for opening of current record for the sake of a sole ownership alongside the rundown of archives required.
Under Income Tax Act, all proprietors underneath the age of 60 years are expected to record individual cost structure if total compensation outperforms Rs. 2.5 lakhs. The individual appraisal rate for proprietorship is piece based start from 10% for cash between Rs.2.5 lakhs to Rs.5 lakhs.
Record annual government form of ownership firm online with Expert assistance. Ownership firms are needed to record expense form each monetary year if available pay surpass Rs.2.5 lakhs. Bizcruise  gives bookkeeping and government form recording administrations to assist ownerships with documenting government forms.
GST enrollment strategy, qualification and reports required. Substances with a yearly income of more than Rs.20 lakhs must get GST enrollment. Complete your GST enlistment online with master help from Bizcruise  and acquire your GSTIN in under seven days from the solace of your home.
Document GST return online through Bizcruise  with GST Expert Support. You can get ready and record GSTR-1, GSTR-2, GSTR-3 and GSTR-4 return online through Bizcruise . Notwithstanding documenting GST returns, you can likewise give GST solicitations and record buys on LEDGERS to naturally document GST returns.
Online brand name enrollment, brand name search, documentation and Expert assistance for TM recording. Effectively present your brand name application for only Rs.5988 in under a day from the solace of your home. Bizcruise gives a scope of brand name administrations from brand name recording to protest dealing with.