A proprietorship is a type of business that is owned, managed, and controlled by one person – who is the proprietor. As the proprietorship and proprietor are one and the same, it is very easy to start and there are very minimal compliance requirements Further, there is no limited liability protection for the proprietor from the business activities conducted in the sole proprietorship.
Essential Licenses and Registrations for Proprietorships
To run a proprietorship in India, you need important licenses and registrations, including
- Get a Permanent Account Number (PAN) and TAN number
- Register under UDYAM, which recognizes your business as a Micro, Small, or Medium Enterprise (MSME) and offers government benefits.
- If your business exceeds specific thresholds, you must register for Goods and Services Tax (GST) to collect and pay GST.
- Open a separate bank account for your business to manage finances smoothly.
- Depending on your business location, register under your state’s Shops and Establishment Act to follow local labor regulations.
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Taxpaper made starting our company, Legentry Sports Private Limited, really easy. Their guidance was super helpful, and they handled everything smoothly. Great service, highly recommend!
MD, Legendary Sports Private Limited
Taxpaper gave amazing support to Virgin Papers for starting a Private Limited company and getting Trademark registration. They made everything easy and smooth. Great job and thank you
MD, Virgin Paper Products
Helcon got great help with starting a Private Limited company and registering a Trademark. The team handled everything with utmost care and professionalism, making the experience truly impressive. We really appreciated their service and hope they keep up the good work!
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Fortune Exports is grateful for the exceptional assistance provided by Gopakumar and the Taxpaper team for Private Limited incorporation and Trademark registration. Their expertise and dedication made the process smooth and stress-free. We truly value their outstanding service and look forward to working with them again in the future
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