Proprietorship
A sole proprietorship is a type of unregistered business entity that is owned, managed and controlled by a proprietor. Sole proprietorships are one of the most general forms of business in India, used by most micro and small businesses operating in unorganized sectors. The proprietorship firm is very easy to start and has very minimal regulatory compliance requirements for started and operating. However, after the startup stage, proprietorship does not offer the promoter a host of benefits such as limited liability proprietorship, corporate status, separate legal entity, independent existence, transferability, perpetual existence - which are desirable features for any business. Therefore, proprietorship registration is favorable only for unorganized, small businesses that will remain small and/or have a limited period of existence.
There is no rule of the procedure provided by the Government of India for the registration of a Proprietorship. Therefore, the existence of a proprietorship must be established through tax registrations and other business registrations that a business is required to have as per the rules and regulations. For instance, VAT or Service Tax or GST Registration can be obtained in the name of the Proprietor to establish that the Proprietor is operating a business as a sole proprietorship. Thus, all the registrations for a proprietorship would be in the name of the Proprietor, making the Proprietor personally liable for all the liabilities of the Proprietorship.
Benchmark Professional Services Pvt Ltd is the market leader in company registration services in India, offering a variety of company registration like private limited company registration, one person company registration, Section 8 Company Registration, Producer Company Registration, and Indian Subsidiary registration. The average time taken to complete a proprietorship registration is 3 - 5 working days, subject to government processing time and client document submission. Get a free consultation for proprietorship registration and business setup in India by scheduling an appointment with a Benchmark Expert Advisor.
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