Conversion from one form into other forms of business.
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A sole proprietorship is a type of unregistered business entity that is owned, managed and controlled by one person. Sole proprietorship is the most common type of business in India and it is used by most micro and small businesses operating in the unorganised sectors.
Incorporating a Company as Sole proprietorship
Proprietorships are simple to start and have minimal regulatory compliance requirements for operating. This entity is ideal for entrepreneurs who are getting into business for the first time and for small businesses with few clients.
The PAN and other documents of the proprietor are the basis for obtaining all other business registrations and licenses. In case of any issues of liability in the business, the proprietor is held personally liable for it.
- Ease of setup- The entrepreneur can start operations and receive payments from clients as no registrations are required to start a proprietorship.
- Ease of compliance- The other advantage of a Proprietorship is that it requires no additional compliance in most cases. The PAN of the proprietor and proprietorship are one and the same. Hence in most cases, only income tax return in Form ITR-3 must be filed every year.
- Ease of dissolution- The proprietor does not have to particularly wind up the company incase he wants to cease operations. This saves a lot of time and effort.
- Liability protection: A sole proprietorship does not provide the proprietor with limited liability protection. So the proprietor would be held personally liable in case of any loss or liability.
- Transferability: Any license or registration obtained in the name of the proprietorship cannot be transferred to any other person or entity.
- Lifespan: The existence of the sole proprietorship is tied to the proprietor hence it would cease to exist with the proprietor.
- Fundraising: A proprietorship cannot raise equity funds from angel investors, venture capital firms or PE funds. Banks also tend to restrictions on the amount of credit they can lend.
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Documents Required
Pan Card
PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.
Identity Proof
Aadhar card | Voter ID | Passport | Driving License of Shareholders and Directors.
Address Proof
Latest Telephone Bill | Electricity Bill | Bank Statement | Gas/Water Bill of Shareholders and Directors
Photograph
Latest Passport size Color photograph of Shareholders and Directors.
Registered office Proof
Latest Electricity Bill | Telephone Bill/Water/Gas Bill of the registered office address
NOC from owner
No Objection Certificate to be obtained from the owner(s) of registered office
Rent Agreement
If Property is taken on Rent, then rent agreement required. Agreement must be notarized.
For NRI
All the documents must be apostilled(if applicable) and notarized.
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Frequently asked questions
Only one person is required to start a proprietorship as it can have only one promoter.
The proprietor must be an Indian citizen and resident. Non-resident Indians and persons of Indian origin can only invest in a proprietorship with prior approval from the Government of India.
No, the proprietorship firm and the proprietor are one and the same legally. The PAN of the proprietor will be the PAN of the firm. Therefore, there will be no separate legal identity for the business. The assets and liabilities of the business and the proprietor will also be one and the same.
A business operated under a proprietor cannot be transferred to another person unlike a limited liability partnership or a private limited company. Only the assets in the proprietorship can be transferred to another person through sale. Intangible assets like government approvals, registrations, etc., cannot be transferred to another person.
Proprietorship firms are business entities that are owned, managed and controlled by one person. So they cannot issue shares or have investors.
Yes, there are procedures for converting your proprietorship business into a company or an LLP at a later date. However, the procedures for the same are cumbersome, expensive and time-consuming. Therefore, it is wise for entrepreneurs to consider and start an LLP or a company in case they are expecting it to be operational at a bigger scale or they want to raise investment.