Proprietorship firm Registration

Proprietorship firm registration in Ranchi Jharkhand which is also known as sole proprietorship or sole trading, it is a type of business registration in Ranchi, Jharkhand. Proprietorship owned and operated by an Individuals or one person. After proprietorship registration business activity of any individual is treated as registered business and it is perform professional activity. When any person decided to start own business as single owner or as proprietorship then the Business name has to be registered with any of following option like Trade License, Shop and Establishment act (FORM 3), MSME (Medium Small micro establishment), GST tec.  Sole proprietorship registration is made on the name of the proprietor. All transaction under sole proprietorship is calculated on proprietor PAN number. Registration of proprietorship is not mandatory but it is beneficial for the owner of the business. In India many of large tax payer business is running as proprietorship business. In proprietorship business proprietor and business both are same. Proprietorship has not a separate legal entity status in the eyes of laws. So it is good for small Businessman or traders. All types of shops, offices etc can get registered status of business after getting proprietorship registration.

WHY TO GET REGISTERED?

  1. For opening Bank Account / Current account in the name of Business.
  2. Low tax rate applicable on Proprietorship.
  3. Tax rebate of Individual is applicable on the business profit.
  4. Low maintenance cost.
  5. No need to conduct audit.
  6. Less compliances as compare to other form of business registration

Registration process:

  1. Decide what type of registration is needed for your Business.
  2. Documents preparation.
  3. File the application form with all required documents.
  4. Send all documents hard copy to department.
  5. Follow up on the portal for registration certificate.

DOCUMENTS REQUIRED

  1. Pan card of applicant.
  2. Copy of Aadhar Card of Individual.
  3. Photograph of Individual.
  4. Contact Details.
  5. Registered office proof.
  6. Cancelled Cheque.

ADVANTAGES:

  1. Low registration expenses.
  2. Low Tax rate.
  3. Less compliance.
  4. Easy to stat.
  5. Easy to close.

DISADVANTAGES:

  1. Limited fund available.
  2. Unlimited Liability.
  3. More chances of wrong decision.
  4. Liquated after death of proprietor.
  5. Both proprietor and firm are treated as single.