A sole proprietorship is the simplest and most common form of business in India. An individual proprietor owns and manages the business operations and is responsible for all business transactions. The sole proprietorship firm does not create a separate legal entity for its owner or proprietor. A sole proprietorship can operate under the name of its owner/proprietor or it can do business under a separate Trade name. A Sole Proprietorship Firm requires minimum of 2 legal entity proofs to open a current bank account.
Considering the business nature one may require the GST Registration either on mandatory or voluntary basis.
One must opt for this option when you are starting with a small business plan. You need not require GST registration in this case.
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