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Proprietorship in India
A proprietorship is a simple and popular form of business structure in India, suitable for small businesses and sole entrepreneurs. It is owned and managed by a single individual, offering full control over the business. However, the owner is personally liable for all business debts and liabilities as there is no legal distinction between the owner and the business.
Key Features:
- Easy to start and manage with minimal compliance.
- Suitable for small businesses and single-owner setups.
- No separate legal entity; the owner and business are the same.
Required Documents for Proprietorship Registration
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Identity Proof:
- PAN Card of the proprietor.
- Aadhaar Card of the proprietor.
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Address Proof of Proprietor:
- Passport, Driving License, Voter ID, or Utility Bill (electricity, water, etc.).
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Business Address Proof:
- Rent agreement (if rented) or property ownership documents (if owned).
- Latest utility bill (electricity, water, gas) for the business address.
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Bank Account Proof:
- Cancelled cheque or bank statement of the proprietor.
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Additional Licenses (if applicable):
- GST Registration Certificate.
- Local municipal licenses (e.g., Shop and Establishment License).
This setup ensures a smooth start for your business operations in compliance with Indian legal requirements.