Description

A proprietary firm is a business owned and run by a single person. It is also known as a sole proprietorship. The owner of a proprietary firm is entitled to all profits but is also responsible for the business's debts, losses, and liabilities. To register a proprietary firm in India, you need to follow these steps: Choose a business name that is unique and available. You can check the availability of a business name on the MCA website. Get a Permanent Account Number (PAN) for the proprietor. You can apply for a PAN online on the NSDL website. Open a bank account in the name of the business. Register for GST if your business turnover exceeds INR 20 lakhs. Get a Shop and Establishment Act registration if required by the state government. The following are the documents that you need to submit for proprietary firm registration: PAN card of the proprietor Proof of identity of the proprietor Proof of address of the proprietor Business registration certificate GST registration certificate Shop and Establishment Act registration certificate (if required) The processing time for proprietary firm registration is typically 10 to 15 days. Here are some of the benefits of registering a proprietary firm in India: Simple and easy to set up Low cost of registration No separate legal entity Full control over the business