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Individual Business Registration

Individual Business Registration

The firms owned and run by a natural person and in which there is no legal distinction between the owner and the business, the entity is known as sole propriety or individual business. The owner is in direct control of all elements and is legally accountable for the finances of such business.

Here are some features which define an individual business

  •  Person Required as Single Entrepreneur.
  •   Single Owner of the Business.
  •   Easy to Start and Easy to Close.
  •   Complete Control.
  •   Lower Cost of Formation and Compliance.

There is no formal procedure in India to register a sole proprietorship, as a sole proprietorship is considered to be an extension of the Proprietor. Therefore, the existence of a sole proprietorship business can be established only through opening a bank account in the name of the proprietorship firm or obtaining licenses required for conducting the business.

  •  Certificate/license issued by the Municipal authorities under Shop & Establishment Act,
  •  Sales and income tax returns 
  •  CST/VAT certificate 
  •  Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities 
  •   Registration/licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority/Department, etc
  •   The complete ITR Business involved in services must get themselves registered through GST.







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