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Sole Proprietorship Business Registration
Sole Proprietorship
Proprietorship is the most popular type of business conducted by businessmen in Lahore and all other cities of Pakistan. This type of business looks typically around like grocery shops, the chemist, saloons, General Stores, Motor Mechanics, Photographers, doctors and Advocates are all most common examples of sole proprietors
What is Sole Proprietorship Business
Sole Proprietorship Renowned as a single person Business Structure, which is one of the most comfortable Business structures in Lahore and all over Pakistan. The business and the working individual are similar; as no difference found in the legal entity.
A sole proprietorship Business is an appropriate, desirable, and essential way to start a business in Lahore and other cities of Pakistan. Proprietorship is a separate business entity that never comes under the Corporation, Company, or any Firm rules and regulations.
An Individual can start his own Business of Buying/ Selling of Products or Services as a Sole Proprietor and enjoy the same rights given to other Business entities in Pakistan. Most Businessmen startups find it suitable to choose proprietorship business due to its natural formation and compliance with Govt Departments. All the responsibility of Profit and loss of proprietorship business belongs to the Owner.
Registration of Sole Proprietorship Business in Lahore is an online process for which few documentations required, which is done by the help of Expert. After registration of sole proprietorship business requires to open a bank account on the name of the business entity which you have selected in Sole proprietorship Business. Sole Proprietorship provides legal distinctiveness to the Business ease in commencing business operations in Pakistan.
Key Features of Sole Proprietorship Business
No Separate Identity
Unlimited Liabilities
Lack of Legal Formalities
Continuity of Business
No profit or loss sharing
Documents Required For
Sole Proprietorship Business
The following are the documents needed for Sole Proprietorship Business Registration.
Copy of National Identity Card (NIC) issued by Nadra
Mobile number and Email Address of Sole Proprietor which is not registered before with FBR
Business Name, Address and Principle Activity of Business
Paid Electricity Bill within the last three months
Rent agreement of Business Premises along with CNIC Copy of Premises Owner
