Registration of a Sole Proprietorship
Poonam
(Querist) 22 October 2009
This query is : Resolved
I want to start a Educational Institution as Proprietor.
I will be required to open a bank account. Can you please guide me as to what documents I need to open a bank account.
I have heard that banks do not open account without registration and also heard the Sole Propritorship does not require registration.
Kindly let me know the registration requirement of s sole proprietorship and the compliances under the companies Act, 1956, if any
A V Vishal
(Expert) 22 October 2009
Poonam
Let me answer your last question first: There is no connection between sole proprietorship and Companies Act.
A V Vishal
(Expert) 22 October 2009
Answer to the second last query: Banks do open accounts for sole proprietors also
A V Vishal
(Expert) 22 October 2009
The documents required for opening an account is as per the KYC norms of the bank, hence it is advisable to get an account opening form, to know what docs are required to be submitted to open an account in Sole proprietor name.
A V Vishal
(Expert) 22 October 2009
I suggest you apply for recognition of the educational institution with the State Education Department which will be sufficient in your case.
Raj Kumar Makkad
(Expert) 22 October 2009
First of all society/trust would have to be formed and registered and then you will have to apply for its recognition with Department of Education of your State as per its Education Rules/Code.
If you register your concern, bank shall not refuse to open its account without society/trust, no recognized educational institution can be started in almost all states.
