Home > Income Tax > Help Center > Proprietorship Firm - ExplainedLast Updated: Feb 11th 2023
EZTax.in will register your proprietorship business in a quick and cost effective manner. Read on to know more about Proprietorship registration process and its advantages, disadvantages.
Any Indian citizen and resident Indian can start a Sole Proprietorship.
Pan Card, Aadhar of the sole proprietor and Bank account in the name of Sole Proprietorship business
The registrations may be required depending upon the business and turnover. Some of them are TAN, GST, Shop and Establishment Licence, Importer Exporter Code (IEC Code)
Proprietorship’s do not have a certificate of incorporation or registration. The identity and legitimacy of a proprietorship is established by registering with the relevant or applicable government authorities.
Proprietorship will have to file their annual tax return with the income tax department. Other tax fillings like GST, TDS may be necessary from time to time.
A proprietorship can be converted into LLP / Company. However, the procedures to convert into LLP / Company are expensive and time consuming.
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