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In India when any person or entrepreneurs start the business then they just read about the legal entity and select the Sole Proprietorship Firm for the best structure. But they are confused about Does Sole Proprietorship Firm needs to be registered in India ? - Hire CA : Knowledgebase
In India when any person or entrepreneurs start the business then they just read about the legal entity and select the Sole Proprietorship Firm for the best structure. But they are confused about Does Sole Proprietorship Firm needs to be registered in India ?
In India when any person or entrepreneurs start the business then they just read about the legal entity and select the Sole Proprietorship Firm for the best structure. But they are confused about Does Sole Proprietorship Firm needs to be registered in India ?
Let’s start understanding about the Sole Proprietorship Firm Structure. Basically, its required only the one person to start a firm but the problem is the business is required a current bank account on the Firm name because with the personal saving bank account you can’t deal in the business.
So Ultimate Objective is opening a current bank account with our business name so we can raise the invoice to our customers on the firm name and credit the amount in our bank’s firm account or in cash.
Now if you go to bank for the opening a current bank account in the firm name or company name then banks representative ask for the minimum one or two legal certification –
So you have to require at least one legal certification where your firm name is mentioned, Now question arise is which type of the legal certification ?
Legal Certification for the Firm Registration in India ?
Mostly there is the 2 type of the Registration which is required for the Sole Proprietorship Firm in the starting ?
Tax Registration Certificate.
Shop Act License or Gumasta License or Online MSME Registration or CA Certification.
a) Tax Registration Certificate
Tax Registration are the 2 Types –
a) Service Tax Registration – if your business is regarding the service based then you can apply for the service tax registration certificate in India. A lot of the People are not applying for this certificate because they are afraid from charge the service tax that they do’nt know that they have a small service provider exemption limit of the 10 lac rupees.
b) VAT/CST/GST Registration – if your business is dealing in the trading of the products which are VAT eligible products then you have to apply for the VAT/CST Registration. VAT/CST Registration is state wise so in each state they have different rules and regulations.
Now above both tax registration has been converted into the GST Registration so right now Fresh GST Registration not started yet. its will be start from 1st july 2017. so fresh assessee have to wait for the same.
b) Shop act License or Gumasta License or MSME or CA Certificate
Shop act license is required by the small shopkeeper when they are not dealing in the VAT products or not provide the service, in that case, most of the small merchants are apply for the shop act license from the respective state municipal party. Gumasta License is also the same as Shop act license but its terms used in the Maharashtra or Gujarat state. In the west Bengal state, it’s used as Trade License.
Similarly there is separate department of the govt i.e is called MSME for the small and medium business. they are issued a certificate on the firm name so most of the banks are also accept the MSME Udyog aadhar certification for the same.
apart from the above certification these days banks also accept the Chartered Accountant Certification for the same.
