Basic Proprietorship with GST
The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. A sole proprietor need only register his name and secure local licenses, and the sole proprietor is ready for business. .
A distinct disadvantage, however, is that the owner of a sole proprietorship remains personally liable for all the business’s debts. So, if a sole proprietor business runs into financial trouble, creditors can bring lawsuits against the business owner.
There is no mechanism provided by the Government of India for the registration or incorporation of a Proprietorship. Therefore, the existence of a proprietorship is established only by tax registrations and other business registrations that a Proprietorship is required to have as per the rules and regulations.
Documents Required For Basic Proprietorship with GST
- Scanned Photo of the Applicant (Proprietor)
- Valid PAN Card of the Proprietor / Applicant
- ID (Aadhar Card, Voter Id, and Passport)
- Copy of Electricity Bill any Name / Commerical Purposes Rent Agreement / Sale Deed
- Online Bank Statement of Saving Account / Name Printed Cancelled Cheque of Saving Account (Account No & IFSC)