Sole Proprietorship

Concept Of Sole Proprietorship:

The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name.

Requirements for Incorporation:

As explained above, the existence of a sole proprietorship is established through licenses or registrations or certificates in the name of the Proprietor. Based on the type of business, the following are some of the easy registrations to obtain for establishing a sole proprietorship in India.

  1. Proprietor PAN Card
  2. TAN [Tax Collection &Deduciton Account Number]
  3. GST Registration
  4. Shop &Establishment License
  5. Importer Exporter Code
  6. Employee Provident Fund Registration
  7. ESI(Employee State Insurance)Registration

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