FAQs - SOLE PROPRIETORSHIP
Q. What is a sole proprietorship?
A. Sole Proprietorship in India is a type of unregistered business entity that is owned, managed, and controlled by one person. The micro and small businesses that are operating in the unorganized sector prefer getting registered as sole proprietorships.
Q. Who can get sole proprietorship registration?
A. An Indian citizen with a current account in the name of their business can get sole proprietorship business registration.
Q. How long does sole proprietorship firm registration process take in India?
A. Sole Proprietorship firm registration process takes around 8 to 10 days but is subject to government processing and document submission.
Q. Is there any certificate of incorporation for Sole Proprietorship companies in India?
A. No, there is no certificate of incorporation given for proprietorship registration.
Q. Are there any compliances for Sole Proprietorship companies in India?
A. If you register a proprietorship firm online, you just has to file the Income Tax Returns and GST returns for the proprietorship firm.
Q. Is there any minimum requirement for sole proprietorship business registration?
A. No, there is no minimum requirement for sole proprietorship business registration in India.
Q. How long does the sole proprietorship exist?
A. If someone registers a proprietorship firm online, the sole proprietorship exist as long as the proprietor is alive and desires to run the business.
Q. Is the owner of the sole proprietorship considered to be the same as the sole proprietor?
A. Yes, a sole proprietor is considered to be the same as the sole proprietor owner.
Q. What are the licenses required for proprietorship business registration?
A. The licenses required for proprietorship business registration generally differ from state to state, for example in Maharashtra, a Shop and Act license is required and in West Bengal, trade license is required. Contact Vyapaar Pundit to know more about this and to register a proprietorship firm.
Q. What is the role of the proprietor in sole proprietorship?
A. The sole proprietor owns, controls, and manages the proprietorship. They have a complete hold over the proprietorship.