Sole Proprietorship/ Proprietorship firm

Introduction
When any person owned and governed business by single called Proprietorship. Sole Proprietorship firms are one of the most commonly business types in India. Sole Proprietorship registration is not required as it is identified through alternate registrations, such as GST registrations or municipal corporation registration etc. However, its liability is unlimited and it also doesnt have perpetual existence.

Has any separate legal entity?
No, Sole Proprietorship/ Proprietorship firm has no separate legal entity, the proprietor is personal liable for any activities.

Minimum requirements to establish
Minimum requirement is not specify because proprietor has all right reserved i.e. investment, employee, business etc

Name of establishment
Proprietor has right to choose any name except some names which are restricted as per the Emblems and Names (Prevention of Improper use) Act, 1950.

Minimum Capital Required
No minimum investment in capital is fixed.

Minimum & Maximum members required
It is limited to single member as proprietor

Transfer to other
Proprietorship can be transfer to legal hairs or as per deed to other.

Registration required
No any registration is mandatory

Registration optional
Applicable some other registration-

- in Shop and Establishment act from the Municipal Corporation

- in GST if applicable by your turnover from the GST portal

- in PF & ESI from Provident Fund & Employees State Insurance Corporation

- in Fire Safety from Fire Department

- in FSSI as FSSI license etc

Required documents to starting business
No need of any document to start proprietorship but some documents is necessary to run your business

- PAN of proprietor

- Aadhar

- Rent/lease agreement

- Certificate from Municipal Authority under the Shop and Establishment Act

Bank Account
Must be open a Current Account by the Name of Proprietorship in any bank. For opening of Bank Account by the name of proprietorship following documents required

- PAN of proprietor

- Aadhar

- PAN of proprietorship (if allotted)

- Ownership or Rent/lease agreement

- Certificate from Municipal Authority under the Shop and Establishment Act

Winding up
Proprietor has right to close/winding up proprietorship firm at any time but liabilities will be transfer to proprietor.

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Step 3
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