I want to start a proprietorship business ( a trading/distributorship type) in Delhi. I will buy loose goods, will be packing( at home) and distributing the same in my own brand.
I believe registration of proprietorship is not required in any law. GST ( as the transactions will be intra-state and be of less than 20 Lac turnover initially), registration is also not required. If I am correct in above two points what documents should I show to bank to open a current account for proprietorship business ?
If I am not correct, please guide. Also please help to understand the other compliance in this regard.
16 September 2018
If you want to open trade name current account you can go professional tax registration/ MSME / Shops and Establishment etc. Same can be given for registration. If you want to open Current Account in Your Personal name you can open in any bank without any government registration you can open Current Account in proprietor Name.
17 September 2018
Sir Thanks. Is registration under shops and establishment Delhi Act a must for proprietorship business( in trading) ? Can`t we do without this ? Regards Puran
CAclubindia
