It is a one man controlled business -one-man organisation where a single individual owns, manages and controls the business.
A Proprietorship business needs no Government registration like Company or LLP and can be started with minimum capital by any Indian Citizen.
Proprietorship can have any name – as long as it does not infringe on a registered trademark., and anyone can use the same name if it is not registered under Trade Mak Law
Open Current Bank Account on the Name of Business with the following Documents
- PAN Card copy of proprietor
- Copy of Aadhaar Card/Voter identity card
Other Documents to Claim Ownership of the Business may include :
- Shop & establishment Act registration,
- Professional license
- Chartered Accountant certificate etc
- Municipal Trade License
- Registration under Micro, Small and Medium Enterprises (MSME) : Udyog Aadhar
Transfer of business
A business operated by proprietorship firm cannot be transferred to another person, unlike a Limited Liability Proprietorship or a Private Limited Company. Only the assets in the Proprietorship can be transferred to another person through sale. Intangible assets like Government approvals, registrations, etc. cannot be transferred to another person.
The Goods and Services Tax (GST) Registration