Sole proprietorship

Reetu Dwivedi (Querist) 06 March 2010 This query is : Resolved
Hi All,
I want to initiate a business in alone as a sole proprietor with name “Nawab”. And I want to open a bank account with the same name,can I do it. Please also suggest what are all the Legal formalities required to start.
Regards

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B K Raghavendra Rao (Expert) 06 March 2010
Yes, you may open a bank account in the name of your business. You need to obtain licence under Shops & Establishments Act. Apart from this you need to obtain licences from respective departments depending upon the business you intend to do. Please note, proprietory concern and proprietor are same in the eyes of law unlike other forms of companies.

nishad (Expert) 06 March 2010
Please submit Proprietory declaration signed in the individual capacity along with other account opening documents to the bank....

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