Zippyway

Sole Proprietorship

We can help you set up your Sole Proprietorship business in least time while you focus fully in your core business

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    Overview

    sole proprietorship, also known as the sole trader, individual entrepreneurship, or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity. A sole trader does not necessarily work ‘alone—the sole trader can employ other people. A sole proprietorship is a form of entity suitable for individuals wanting to start their own business with a small number of resources. As the name signifies, sole proprietorship means an entity that is owned and operated by a single person. It is the most common and famous type of entity structure in India as it is very convenient and easy to form and have minimum regulatory compliance

    Benefits of Sole Proprietorship

    Self Accountability

    Recognition

    Easy to start and close

    easiest forms of business structures

    Being your own boss

    No Sharing of income and profits

    Process of Company Registration

    GST Registration

    GST registration not only helps you in getting your business recognized as a legal registrant but also opens a number of opportunities for your business

    MSME Registration​

    Udyam Registration is MSME registration to start a business under Ministry of Micro, Small and Medium Enterprises (MSME) approved by Government of India.

    Shop & Establishment License

    Shop & Establishment License It is also called Shop License informally. .

    Bank Account

    Bank AccountThis is necessary to carry on the business. You can open a current bank account with any scheduled Bankin India.

    Documents Needed for Proprietorship Registration

    Aadhaar Card of Proprietor

    Office Proof (NOC / Rent Agreement)

    Any other document [If required]

    PAN Card of Proprietor

    Passport Size Photo

    Compare Forms Of Business

    featuresprivate limited companyone person companyllppartnership firmproprietorship firm
    separate legal entity
    limited liability
    number of members
    2-200
    1
    2- unlimited
    2-20
    1
    number of directors / DP
    2-15
    1-15
    2 to unlimited
    not applicable
    Not Applicable
    foreign investment (FDI)
    ownership transfer-ability
    perpetual existence
    tax benefits
    effective
    effective
    low
    low
    good
    statutory compliance
    high
    high
    low
    minimum
    minimum

    Frequently Asked Questions

    Most frequent questions and answers

    A sole proprietorship is the simplest form of business, which you will find all over world. It’s like you woke up today and wants, and you purchase goods from a wholesaler and start selling them instantly. You have created a proprietorship, No registration is needed. In case you need to open a bank account approach your nearest bank account and open a current account with them. Consult with us we will help you.

    Opening current account in the name of the owner of the proprietorship firm is very easy; all they need is know your customer (KYC) Documents of the proprietor. However if the bank account is to be opened in the name of the proprietorship then bank need two entity proof in the name of the firm. Zippyway Specialist shall be able to assist you for opening the account.

    Following are the proprietor documents which are required for registration of firm under MSME.

    • Copy of Aadhar Card
    • PAN card of the Sole Proprietor
    • Details of Business Place

    There is no certificate of registration or incorporation for proprietorship business as such. The legal identity of proprietorship as an entity is determined through various other registration or licenses obtained in the name of the proprietorship firm on the case to case basis. Similarly, each specific registration shall result in the issuance of a certificate of registration, for example, GST Certificate, MSME Registration Certificate, Tan Allotment Letter, etc.

    No, A proprietorship business is owned and controlled by a sole person. There is no requirement to engage any other person to start a proprietorship business.

    We have prepared a detailed and easy to understand comparative table showing availability of features and advantages of one form of business to that of others. Consult with us we will help you.

    A proprietorship business can be started with any amount of capital and as such, there is no provision in the law which prescribe any minimum capital for the firm. The capital must be infused by the proprietor based on the nature and scale of the proposed business. You shall have the ability to introduce or withdraw capital at any time from the accounts of the proprietorship business as drawings.

    Yes. Only an Indian Citizen can start proprietorship business. Similarly, no foreign funding is allowed in a proprietorship form of business. However, an NRI or a Person of Indian Origin (POI) can invest in proprietorship with prior approval from the central government of India.

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