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Start up Business

Proprietorship

A sole proprietorship is a type of unregistered business entity that is owned, managed and controlled by one person. Sole proprietorship's are one of the most common forms of business in India, used by most micro and small businesses operating in the unorganised sectors. Proprietorships are very easy to start and have very minimal regulatory compliance requirement for started and operating. However, after the startup phase, proprietorship's do not offer the promoter a host of benefits such as limited liability proprietorship, corporate status, separate legal entity, independent existence, transferability, perpetual existence - which are desirable features for any business. Therefore, proprietorship registration is suited only for unorganised, small businesses that will remain small and/or have a limited period of existence.

There is no mechanism provided by the Government of India for the registration of a Proprietorship. Therefore, the existence of a proprietorship must be established through tax registrations and other business registrations that a business is required to have as per the rules and regulations. For instance, VAT or Service Tax or GST Registration can be obtained in the name of the Proprietor to establish that the Proprietor is operating a business as a sole proprietorship. Thus, all the registrations for a proprietorship would be in the name of the Proprietor, making the Proprietor personally liable for all the liabilities of the Proprietorship.


Advantage:

  • It is flexible and has limited liability
  • Better image and credibility in Market
  • Easy to raise funds and loans
  • Favourite Business structure for Investors
  • Easy to attract Employees
  • Possibility to grow big and expand

Registration Process:

  

Obtaining DSC & DIN

Digital Signature Certificate (DSC) and Director Identification Number (DIN) is required for the proposed Directors of the Private Limited Company. DIN and DSC can be obtained for the proposed Directors within 2 days.

  

Name Approval

A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 5 to 7 working days.

Company Registration

Registration documents can be submitted to the MCA along with an application for registration. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time.

PAN, TAN and Bank Account

To obtain PAN & TAN Number of company and Prepare documents for open bank account.

 

Documents Required

    • PAN Card of Directors
    • Address Proof of Directors
    • Passport Size Photo of Directors
    • Electricity Bill of Registered Office
    • Rent Agreement of Registered Office
    • NOC from Landlord

Information Required

    • Main Object of Company
    • Four Proposed Name of Company
    • Authorised & Paid Up Capital
    • Mail ID and Mobile Number of Director
    • Number of Directors in Company
    • Number of Shareholder in Company....

     

Frequently asked questions

What documents required to set up Pvt. Ltd. Company in India?

Do I have to have office (commercial) space to start a Company?

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