31 Jul 2020, 09:28 — 3 min read
A sole proprietorship has been the simplest and common form of business for traders and merchants in India. An individual proprietor owns and manages the business and is responsible for all business transactions. The sole proprietorship firm does not create a legal entity separate from its proprietor or owner. It simply refers to a person who owns and manages the business and is personally responsible for all business transactions. A sole proprietorship can operate under the name of its owner/proprietor or it can do business under a separate trade name. A sole proprietorship firm require minimum two legal entity proofs to open a Current Bank Account.
Option 1 as GST registration
Considering the business nature, one may require GST registration either on mandatory or voluntary basis.
Option 2 as MSME license
Go with this option when you are starting a very small business and do not require GST registration in any condition.
What are the documents required for proprietorship firm?
Features of proprietorship firm
What are the advantages of a sole proprietorship firm?
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Posted byRavi Haresh Kariya
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