A Sole Proprietorship, also known as the sole trader or simply a proprietorship, is a type of busines entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. Proprietorship is not registered, a Proprietorship can choose to have any name - as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained, So, we strongly suggest to get your Trademark Registration Done. You may click here http://www.viablekraft.com/service/patent to get trademark Done.
Documents Required for Proprietorship Registration
1. PAN Card of proprietor 2. Aadhaar Card/Voter I card 3. Electricity/ Water bill (Business Address)
Benefits of Proprietorship Firm Registration
Single Owner of the Business. Easy to Start and Easy to Close. Complete Control. Lower Cost of Formation and Compliance.
Register as Small and Medium Enterprise (SME) under the MSME Act. The application can be filed electronically. Although it isn’t compulsory to register as an SME, it is highly beneficial, especially at the time of taking loan for the business. The Government runs various schemes for SMEs where loans are provided at the concessional rate of interest.
If your annual turnover is more than Rs. 20 lakhs. Or if you are doing online business (selling through amazon, snapdeal etc.), you are required to get a GST number additionally.
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