Sole proprietorship
This query is : Resolved
21 December 2012
Dear all
What are the procedures for the registeration of Sole Proprietorship.Is the registeration compulsory?
What are the procedures for the registeration of Sole Proprietorship.Is the registeration compulsory?
21 December 2012
FOR WHICH ACT ?
21 December 2012
i d't get you sir.
Need to register a Sole Proprietorship in India?
Need to register a Sole Proprietorship in India?
21 December 2012
ZILA UDHYOG KENDRA ( DISTRICT INDUSTRIES CENTER ) FROM WHERE YOU CAN CERTIFICATE FOR SOLE PROPRIETOR SHIP FOR FREE OF COST...
21 December 2012
IF YOU HAVE MORE THAN 20 EMPLOYEE THAN YOU HAVE TO TAKE REGISTRATION FROM LABOUR DEOPARTMENT.
21 December 2012
Sir, can you please explain the detailed procedure for the registeration.
21 December 2012
Hi
To start sole proprietorship business in India the Income tax PAN card, Current Bank Account in the name of the business you want to do to be operated by you as Proprietor & Registration with the Government Department where the trading business you want to do is required. In case this being service providing business the registration for service tax with revenue department will be required, similarly if this will be with regard to sale of goods the registration for the VAT will be required with the local State government. If this being operated from a shop or commercial place then registration for the Shop & commercial establishment will be required with the local state government. No such written deed necessary for the Sole Proprietorship Business as the DEED is required only in cases like Partnership firms & in this case there is only one person involved in whose sole ownership the business will be operated hence no written deed will be required as the purpose of written deed of partnership firm etc is to clearly identify the ownership rights, interests, profits & liabilities to be shared by the various partners in the partnership firm, when only one person is the owner & sole operator of the business then he or she is the only person to enjoy all rights, profits or face liabilities during his or her tenure of running the sole proprietorship business. However if any of the Government Department where the Registration of the business is required seek a written deed of the proprietorship business then one can reduce all the details with regard to the identity of the owner, the nature of business to be carried out, financial, property & other Capital the sole owner contributed, the details of bank accounts to be maintained for the business, the full details of loans or any financial advances taken for the establishment of the business, property mortgaged for this purpose & mode of repayment, nature of accounting, details of the books to be maintained for the accounts, the person/s who will
be beneficiary in event of death of the sole owner etc. These are the few details which can be written down on a non-judicial stamp paper, signed by the sole properietor, witnessed by two witnesses & got attested by the Notary Public.
To start sole proprietorship business in India the Income tax PAN card, Current Bank Account in the name of the business you want to do to be operated by you as Proprietor & Registration with the Government Department where the trading business you want to do is required. In case this being service providing business the registration for service tax with revenue department will be required, similarly if this will be with regard to sale of goods the registration for the VAT will be required with the local State government. If this being operated from a shop or commercial place then registration for the Shop & commercial establishment will be required with the local state government. No such written deed necessary for the Sole Proprietorship Business as the DEED is required only in cases like Partnership firms & in this case there is only one person involved in whose sole ownership the business will be operated hence no written deed will be required as the purpose of written deed of partnership firm etc is to clearly identify the ownership rights, interests, profits & liabilities to be shared by the various partners in the partnership firm, when only one person is the owner & sole operator of the business then he or she is the only person to enjoy all rights, profits or face liabilities during his or her tenure of running the sole proprietorship business. However if any of the Government Department where the Registration of the business is required seek a written deed of the proprietorship business then one can reduce all the details with regard to the identity of the owner, the nature of business to be carried out, financial, property & other Capital the sole owner contributed, the details of bank accounts to be maintained for the business, the full details of loans or any financial advances taken for the establishment of the business, property mortgaged for this purpose & mode of repayment, nature of accounting, details of the books to be maintained for the accounts, the person/s who will
be beneficiary in event of death of the sole owner etc. These are the few details which can be written down on a non-judicial stamp paper, signed by the sole properietor, witnessed by two witnesses & got attested by the Notary Public.
22 December 2012
thank you sir for the detailed answer
22 December 2012
Its my pleasure.....................
24 December 2012
basically not required . if you go big business you should register under Taluk Registrar/ or labour Department
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