Sole Proprietorship firms is a growing business type in India for the past 5 years. Since the registration procedure itself implies the easiness of starting a proprietorship firm, it is no wonder why the new entrepreneurs are opting for sole proprietorship when it comes to individual business startups.
As the name denotes, Sole Proprietorship Firm Registration is Single Person Firm Registration. The principal aim is to Open a Current Bank Account in the Business name. So it's an uncomplicated business that facilitates proceeding business in India with Less consent and Less cost. A Sole Proprietorship Firm demands a minimum of 2 Statutory Proof to open a Current Bank Account.
There are only two essential things needed to start a proprietorship firm in India. They are,
1. Choose a business name that is most suitable for your firm.
2. Chose a location as the place of establishment of the business.
3. Open a bank account in the business name to control all the business transactions and tax manipulation.
The bank account is vital since it is through the bank account that the authorities and government govern the inflow and outflow of your business to calculate the tax procedures for the company.
To open a bank account, certain documents are required, like the GST registration document, Shop license certificate, Tax collection documents, etc. The detailed answer about the documents required to open a current account for a proprietorship firm is given here.