Sole proprietor is the type of business run and managed by a single person or in the meaning of law there is no distinction between the owner and business in terms of law. In simple words any case or suit filed against the business will be treated as it is filed directly against the owner. In sole proprietor registration all the profit, loss and assets and liabilities are in fact the profit, loss and asset liability of the owner. The term sole proprietor means the business has only single owner and there are no other directors or partners involved in sole proprietor business registration.
The structure of sole proprietor business registration is the simplest as compare to any other form of business such as private limited company registration or partnership firm registration. One of the most important reason for easy handling of sole proprietor business is that it is managed by single person but this does not mean that there is any sort of restriction for employment and sole proprietor can employ as number of employees as he wanted to run his business efficiently.
The sole proprietor can use any business name depending on the name mentioned in the sole proprietor registration certificate issued by the Federal Board of Revenue. Sole proprietor is also allowed to open the Bank Account with the name of the business.
Documents Required for Sole Proprietor Registration:
1. CNIC of the Person Applying for Sole Proprietor Registration.
2. Name of the Business.
3. Address of the Business.
4. Letter Head of the Business.
5. Electricity Bill of the Address.
6. Bank Account Number, Bank Name and Branch.