A Sole proprietorship is a business form in which an individual can start the business which is owned and governed by an individual himself only. This business registration is the simple and easy type of business registration which makes it popular and attracts small traders and merchants. A business is considered as a sole proprietor when owner himself starts the business through Shop and Establishment Act Registration, GST Registration, MSME/UDYAM or any other similar registration.
A sole proprietorship firm comes under an unregistered business entity with full control of a single individual. This is ideal for small business houses and mostly preferred by unorganized sectors. Many local businesses or service providers generally start their business through this medium like retail stores, grocery stores, individual professionals such as architects, teachers, boutiques, wholesale stores, etc. It is more popular in tier 2 or tier 3 cities where small traders, manufacturers or service providers establish it in very easy manner and just start their businesses.
A Sole proprietorship firm may choose any name as per their convenience but provided same is not registered under Intellectual Property Rights like Trademark, Patent etc. Also, If the owner/proprietor wants to protect his business name from others the same can be done through a trademark registration for the business name which would help them in protecting their business identity.
| Documentation |
| A Sole proprietorship firm generally takes 3 to 8 working days. |
| Documents Required |
| PAN |
| AADHAR |
| OWNER PASSPORT SIZE PHOTOGRAPH |
| BANK STATEMENT/CANCELLED CHEQUE |
| RENT AGREEMENT/ELECTRICITY BILL |
| SIGN BOARD ON PREMISES |
| PREMISE PHOTOGRAPHS |