Proprietorship firm
A sole proprietorship is the most basic form of business structure in which one person owns and runs the company without any kind of legal separation between them. The Galaxy Legal Solutions team will provide comprehensive assistance, starting from the project’s paperwork through its successful completion.
A Proprietorship Firm is a type of business in which just one person owns and runs the company. It is the easiest and least complicated type of business to establish. All of the firm’s responsibilities and debts are personally owed by the proprietor.
Documents required for Sole Proprietorship Registration:
- Individual Aadhar Card
- Individual Pan Card
How to open a Bank Account for the Sole Proprietorship firm:
To open a bank account for the sole proprietorship firm, you must contact any national bank. They would insist on two documents with the name of the sole proprietorship firm and address. Where one document is taken as proof of entity, the other is the address proof. These requirements are part of the KYC requirements prescribed by the RBI.
The government fees include the registration fee charged by the Registrar of Companies for Pvt Limited company registration, stamp duty levied by the concerned state government (which may differ from state to state), and the cost of making the DSC. By partnering with Galaxy Legal Solutions, you can ensure a smooth process and minimise associated costs.
- MSME Udyam Registration Certificate
- GST Registration Certificate
- Shops & Establishment Registration
- ITR of last FY, wherein the business name is mentioned.
The RBI regulations regulate the banks and must adhere to the KYC-related requirements as prescribed from time to time. We can help you arrange the necessary registration, as discussed above.
Here are some key features of the Sole Proprietorship Registration
Easy to start
A sole proprietorship is simple to establish because there are no legal formalities to complete, only a few registrations such as GST, Shop Act registration, MSME, etc are required.
Unlimited liability
One of the main characteristics of a sole proprietorship is the unlimited liability of the owner for the company. This means that the owner's personal assets can be used to pay company debts or legal obligations.
Sole ownership
A proprietorship firm is a sole proprietorship since just one individual is responsible for both the ownership and management of the company.
Control
The owner has total authority over all business-related decisions, including how to share profits and grow the company.
Cost-effectiveness
A proprietorship firm is cost-effective as there are low registration fees and no compliance expenses
Transferability
A proprietorship business cannot be sold or transferred to another individual. Only the owner has the authority to end it.
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When did lawyers first start practicing in the United States? It’s important to understand that the history of attorneys is filled with changes and fluctuations. In order for a society to need lawyers, there must be a certain level of advancement. This means that the first lawyers didn’t immediately appear in the Americas when the British colonies were established.
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Galaxy Legal Solutions made our company registration seamless. Their expert team handled everything professionally, ensuring compliance and smooth operations. Highly recommended for startups and entrepreneurs!
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