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A sole proprietorship is the simplest form of business structure that is owned, managed and controlled by the sole owner. The sole proprietorship is not a legal entity rather it just refers to a sole person who owns the business and is personally liable for its debts. This is one of the most popular forms of business structure for micro and small businesses operating in the unorganized sectors due to its simplicity ease information and nominal cost.

Startup Buddy is a leading consultant for providing comprehensive services relating to company incorporation. Our team will provide you with full-fledged assistance required for registration of a sole proprietor firm.

Below documents are required for Proprietorship company registration.

  • PAN card and Aadhar card
  • Identity proof: Passport, Aadhar card, Driving license, Voter ID
  • Passport size photographs
  • Address proof: Bank Statement or any latest Utility Bill

Please find below few of the FAQs on Proprietorship company registration.

Who can start a Sole Proprietorship ?

Indian citizen with a Current Account held in the name of business can start a Sole Proprietorship

Is it compulsory for a Sole Proprietorship firm to obtain a registration certificate ?

No, it is not compulsory for sole proprietorship firm to obtain the registration certificate. The registration for this form of business can be obtained by acquiring certain tax registration in the name of the sole proprietorship firm.

Can I convert a Sole Proprietorship to a Private Limited Company ?

Yes, you absolutely can convert your sole proprietorship firm into the private limited company by following a specified procedure, which our team of experts can guide you with.

Partnership firms in India are governed by The Indian Partnership Act, 1932. As per Section 4 of the Indian Partnership Act a partnership is the relation between persons who have agreed to share the profits of the business carried out by all or any of them acting for all.

Below documents are required for Proprietorship company registration.

  • Application for registration in the prescribed form
  • Duly filled specimen of affidavit
  • Ownership proof or Rent Agreement (incase of leased property)
  • Certified copy of a Partnership Deed on a stamp paper

Please find below few of the FAQs on Proprietorship company registration.

Who can become a Partner in a Partnership Firm ?

A person who is an Indian citizen and a Resident of India can become partner in a partnership firm

Can a Partnership Firm be converted into a Private Limited company or an LLP ?

Yes, you absolutely can convert your partnership firm into the private limited company or an LLP by following a specified procedure, which our team of experts can guide you with.

LLP enjoys a separate legal entity, and remains liable to the full scope of its assets. There remains a limited liability of partners with respect to the agreed involvement in the LLP. There is no tax liability on the distribution of profits amongst the partners. Startup Buddy emerges as one of the most reliable partner with regards to LLP incorporation.

Below documents are required for Proprietorship company registration.

  • PAN card and Aadhar card
  • Identity proof: Passport, Aadhar card, Driving license, Voter ID
  • Passport size photographs
  • Address proof: Bank Statement or any latest Utility Bill

Please find below few of the FAQs on Proprietorship company registration.

How an LLP is different from a Private Limited Company ?

An LLP has partners whereas a Private Limited Company has shareholders.

What care should be taken while choosing a name for the LLP ?

The name should not be similar with any existing company or an LLP. It should not include any word, prohibited by the Government or under any law prevailing in India. It is advisable to go through a reliable source like Startup Buddy to check the availability of your company name.

What is the maximum number of partners one can have in an LLP ?

There is no set maximum limit to the number of partners in an LLP.

One Person Company is defined in the Indian Companies Act, 2013 as: A company which features only one member. Under this form of Business Entity, there is no compulsion to have minimum two directors, as in the case of a Private Limited Company.

Below documents are required for Proprietorship company registration.

  • PAN card and Aadhar card
  • Identity proof: Passport, Aadhar card, Driving license, Voter ID
  • Ownership proof or Rent Agreement (incase of leased property)
  • Passport size photographs
  • Address proof: Bank Statement or any latest Utility Bill

Please find below few of the FAQs on Proprietorship company registration.

What compliance requirements does a OPC have to face ?

An OPC needs to face lesser number of legal compliances as compared to Private Limited Company and Public Limited Company. For example, an OPC does not need to hold an Annual General Meeting (AGM)

Is it mandatory for the promoters to be present at the time of incorporation of the company ?

No, there is no need for the promoters to be physically be present at the time of company incorporation

What is a DIN ?

Director Identification Number (DIN) refers to a unique identification number which is required for an individual to become a director of a company. DIN is allotted by Ministry of Corporate Affairs.

A Private Limited Company is a type of privately held small business entity. This type of business entity limits owner liability to the capacity of their shareholding, limits the number of shareholders to 50, and restricts shareholders from publicly trading shares.

Below documents are required for Proprietorship company registration.

  • PAN card and Aadhar card for the proposed directors (mandatory for Indian residents)
  • Identity proof: Passport, Aadhar card, Driving license, Voter ID
  • Ownership proof or Rent Agreement (incase of leased property)
  • Passport size photographs
  • Address proof: Bank Statement or any latest Utility Bill

Please find below few of the FAQs on Proprietorship company registration.

What is a Digital Signature (DSC) ?

It is a digital signature of the proposed Director and is needed for filing the e-forms of company setup electronically to Ministry of Corporate Affairs. DSC is accepted by various government entities and now is a statutory requirement in different applications. It is used to electronically sign the documents.

Who can become a Director in a Private Limited Company ?

Any person with a minimum age of 18 years can become a director of a Private Limited Company.

What is MOA and AOA ?

Memorandum of Association (MOA), is that document, which contains all the general details about the company. Whereas, Articles of Association (AOA), is a document which contains the rules and regulations designed by the company. It outlines the ways in which shares are distributed, rules to be followed by the stakeholders, responsibilities of the individuals to the company etc.