A proprietorship form of business is a form of business where the proprietor holds full responsibility for the business. You can start and operate your business with minimum documents and minimum regulatory compliances.
This type of business has a very limited risk and In case of any issues or liability or the risk in the Proprietorship business, the Sole proprietor is held personally liable for all the liability and also for the risk to be borne in the business.
A business that is operated by a Proprietorship firm cannot be transferred to another person, also it cannot issue any shares or have investors unlike a LLP or a Private Limited Company.
Here is the list of basic documents required for Proprietorship registration
KYC requirements of Proprietor (with self-attestation)
- Latest passport size photo.
- Copy of Pan card
- Copy of Aadhaar Card
- Copy of Voter Identity card/ driving licence/passport of the proprietor.
- Latest bank statement of not less than two months old.
Documents for Registered office proof
- Registered office proof of the company stating if the property is rented/ leased.
- Copy of the rental agreement or lease agreement.
- Copy of electricity/water bill (business place)
- In case of own property, copy of sale deed and electricity bill is sufficient
- Copy of no objection certificate from the owner of the property
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