The sole proprietorship business model is common in India, where one person runs the enterprise entirely. Because it usually does not require formal registration, this structure works best for people who want to start their business with little money.

Starting a sole proprietorship requires just some money, whether in a home or some other place. The owner maintains full control, takes all financial risks and reaps all the profits. The owner may hire others to help control the operations, but ownership remains solely with them.

Grocery Stores, Salons, Boutiques and Retail shops are common sole proprietorship enterprises. Manufacturers and small traders can also adopt this structure.

Steps required to register a sole proprietorship Follow the following steps to form a sole proprietorship:
Get a PAN card: Apply for a permanent account number if you don’t already have one.
Choose a company name: Once you have your PAN, give your business a name.
Open a business bank account: Open a bank account in the name of the business, so that you can control all financial transactions.

Some necessary permits may be required to carry out legal work, although specific registration is not mandatory. These are the following:
Registration of Shops and Establishments Act: Make sure to obtain a registration certificate as per the laws of your state.
GST Registration: You must register for Goods and Services Tax if your business is worth more than Rs 20 lakh.
MSME Status: Getting registered as a Micro, Small and Medium Enterprise (MSME) can offer significant benefits, although it is not mandatory.

You will need the following documents to register your single property:

• Proof of Registered Office
• PAN Card
• Aadhar Card
• Bank Account Details