A sole proprietorship is a type of unregistered business entity that is owned, managed, and controlled by one person. A sole proprietorship is the most common type of business in India and it is used by most micro and small businesses operating in the unorganized sectors.
Proprietorships are simple to start and have minimal regulatory compliance requirements for operating. This entity is ideal for entrepreneurs who are getting into business for the first time and for small businesses with few clients.
2 Legal Entity Proof for the Sole Proprietorship Registration in India :
Its applicable in below conditions –
- deals within the state Only. (Ex Delhi to Delhi)
- Within state expected turnover or sales less than 20 lakh rupees.
Its applicable in below any ONE conditions
- Deal inter-state sales or services. (Ex Rajasthan to Delhi)
- Ecommerce or internet based business.
- Trader or Retailer or Mfg or Aggregator
- Within state have more than 20 lakh rupees turnover.
- KYC of Applicant i.e Pan Card + Aadhar Card or Voter or Driving or Passport etc.
- Firm Address Proof : Electricity Bills copy or gas bill or phone bill etc. (No issues if it’s on other names)
For the GST Additional :
- Passport Size Photograph of the applicant.
- Personal Bank Account Cancel Cheque or Bank Statement or Passbook Front Page anyone.