Sole Proprietorship firms are the most common business types in India. Most of the entrepreneurs choose Proprietorship most of them when they are starting as a single person. It is one of the individual person firm registrations, and the main objective of the Sole Proprietorship is that you need to open a current bank account on the business name with less cost and compliance. A sole Proprietorship needs at least two legal entity proofs to open the existing bank account.
A single Proprietor manages the entire company and also takes care of every transaction made in the industry. Udyog Aadhaar Registration or GST Registration recognizes Proprietorship. It has some shortcomings like no continuous existence and unlimited liability of the proprietor.
Documents Required for Registration
Applicant's KYC ( Copy of Aadhaar card and Pan card).
The Applicant's firm address proof (Rental or lease deed or Sale deed with NOC copies).
The Applicant's firm address proof (Gas, phone, water or electricity bill copies).
The Applicant's passport size photograph.
The bank statement, passbook front page or personal bank account details
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