Though the whole concept of running a sole proprietorship firm is to run it by a single person, its registration doesn’t really involve a registration process.
However, supporting documents in the name of the firm are used as legal references and it is very important to procure them.
Only when these are procured and in place, can the proprietorship firm be in place legally.
Steps to be Followed
Here are the steps that need to be followed to get the supporting documents required for a Proprietorship Firm:
- Service Tax Certificate: Form ST1 is the form that needs to be completed and submitted to get a Service Tax number. Though this is required only if the taxable services offered are above Rs.10 Lakhs per annum, it is recommended to procure the certificate initially.
- VAT Registration: The firm is now to be registered for VAT and only after receiving the confirmation, can Value Added Tax be levied on your bills.
- CST Registration: CST is mandatory if inter-state business transactions are to be done by the business.
- Other Documents: Depending on the nature of the business, other documentations such as Shop and Establishment License, Import Export Code, Professional Tax etc can be procured as needed.
You can talk to our legal experts at EFuture to have you guided through this process further.
The above content must have given you some quick information about the process that is involved in the starting of a Sole Proprietorship firm.
Our legal experts at EFuture will assist you through each and every step mentioned above, should you not understand any or do not have the required documents mentioned.
To get started, fill in your name and other details above and one of our experts will get back to you within 24 hours.Start a Proprietorship Firm in India now