A proprietorship business registration is an individual business setup, it is not mandatory to register a sole proprietorship in Hyderabad. All forms of small businesses such as street vendors, home-based businesses, traditional retail vendors, and food outlets are generally run by a single person, the process of firm registration for a sole proprietorship company is completed by MSME registration.
A Sole Proprietorship is a business owned and run by one person, known as the Proprietor. It’s the most common type of business in India, offering a straightforward way to start with minimal regulatory requirements. While the government doesn’t have a dedicated registration process for sole proprietorships, showcasing the legal existence involves obtaining tax registration and other necessary business registrations.
For a sole proprietorship company, individuals like freelancers, budding startups, and established creative businesses with physical offices can easily adopt this business structure. If you’re looking to formalize your sole proprietorship, consider opting for tax and business registrations to establish its legal presence.
Hold a meeting of the board of directors to discuss and approve the decision to change the company’s name. The board must pass a resolution proposing the new name and authorizing a director or company secretary to apply for name availability from the Ministry of Corporate Affairs (MCA)
Use the Reserve Unique Name (RUN) service provided by the MCA to check if the proposed new name is available. This step ensures that the new name is not identical or too similar to an existing company name.
Call an Extraordinary General Meeting of shareholders to pass a special resolution for changing the company name. This resolution must be approved by at least 75% of the voting power represented at the meeting.
Within 30 days of passing the special resolution, file Form MGT-14 to register the special resolution and Form INC-24 to seek approval for the new company name from the RoC. Attach necessary documents such as altered Memorandum of Association (MOA), Articles of Association (AOA), and minutes of the EGM
Once the RoC reviews and approves your application, they will issue a new Certificate of Incorporation reflecting the updated company name. This certificate serves as official confirmation of the successful name change and should be retained as an important legal document for your company.
Tax expertise involves specialized knowledge in tax law and accounting, helping clients minimize liabilities while ensuring compliance. Tax advisors, including CPAs and attorneys, offer tailored strategies for individuals and businesses to navigate complex tax situations effectively.
Cost efficiency refers to the ability to minimize costs while maximizing output and quality. It involves optimizing resources to achieve the best results without unnecessary expenditures, enabling businesses to enhance profitability and competitiveness.
It's being fully prepared for an audit, ensuring accurate financial records and compliance with relevant standards. It involves maintaining organized documentation, implementing internal controls, and conducting assessments to identify gaps before the audit occurs.
Register Mitra can significantly save time by streamlining processes and providing instant access to services. It simplifies application submissions, offers quick updates, and enhances efficiency in managing tasks, allowing users to focus on core activities.
