Majority of Business in India are unregistered with many being functioned as a sole proprietorship firm business. A sole proprietorship is a standout amongst the most easy and slightest troublesome sort of business component to enroll and keep up in India. There is no formal sole proprietorship selection and to start a proprietorship simply PAN number for the Proprietor, certain licenses and capital is required. In this article, we look at the method for confining a sole proprietorship in India. There is no formal methodology in India to select a sole proprietorship, as a sole proprietorship is believed to be a development of the Proprietor. Thusly, the nearness of a sole proprietorship business can be set up quite recently through opening a money related adjust for the proprietorship firm or getting licenses required for driving the business. To open a record for a sole proprietorship, RBI's KYC norms order that any two of the going with report must be submitted to the Bank:
Since, any two of the above documents are required to open a bank account in the name of the Proprietorship, Proprietors typically first obtain any of the above license / registration / certificate first to establish the existence of the proprietorship firm.