Proprietorship Firm In India, sole proprietorship is a common structure that suits small businesses. As its name suggests, it can be started with individual ownership using the same PAN as the owner. Sole proprietorship is attached to the owner and cannot be considered a separate legal entity. There is no formal process for starting or registering an individual business; however, some registrations can be obtained for proprietorship businesses, including MSME (Udyog Aadhar) Registration, GST Registration, Shop & Establishment, and Professional Tax. Generally, a proprietorship current bank account is required to open, where business transactions can be maintained. Sole firm is suitable for Small to medium scale shop, food stall, professional service, individual service provider etc.

Documents Required for Sole Proprietorship Business Registration

• PAN Card of Owner
• Aadhar Card
• Photo
• Electricity Bill or Tax Bill of Business Premises
• Rent Agreement (if rented)
• Mobile Number
• Email Id

Documents are required for opening a Current Account

Generally, a sole proprietorship firm requires a bank account with the trade name or business name, which can be opened in any private or government bank with the following document submissions:

• Personal KYC of Owner (i.e., photo, PAN, Aadhar, etc.)
• Business Proof (Any One for Sole Proprietary Firm)
• MSME Registration (Some banks do open with MSME)
• Shop & Establishment Certificate
• GST Registration