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MDC, 1st Floor, Azad market, Pirmuhani Chowk, Kadamkuan, Near Uma Cinema, Patna, Bihar, 800003
Sole Proprietorship
Sole Proprietorship
A sole proprietorship is a type of business ownership where one individual owns and operates the business. The owner, also known as the proprietor, has complete control over the business and is responsible for all its debts and liabilities.
Procedure for Sole Proprietorship Registration
GST Registration
Aadhaar Udyog
Shop Registration
Advantages of Sole Proprietorship
Easy to Establish
Complete Control
Low Costs
Tax Benefits
Flexibility
Disadvantages of Sole Proprietorship
Unlimited Liability
Limited Access to Capital
No Separate Identity
Limited Scalability
How to Register a Sole Proprietorship
- 1. Choose a Business Name: Choose a unique and memorable business name.
- 2. Register the Business: Register the business with the relevant authorities, such as the Registrar of Companies (ROC) or the local municipal office.
- 3. Obtain a PAN Card: Obtain a PAN card from the Income Tax Department.
- 4. Open a Business Bank Account: Open a business bank account to separate personal and business finances.
- 5. Obtain Other Licenses and Permits: Obtain other licenses and permits required to operate the business, such as a trade license or a GST registration certificate.
Required Documents
- Pan Card
- Aadhaar Card
- Business Registration Certificate
- Bank Account
