A Self-Owned Business can be register with any business name, provided its legal. There is nothing as proprietorship registration on paper; but it can be recognised as an unorganised business structur under the various departments based on the business set-up and category.
Key Features of Proprietorship Firm 1 Person Required as Single Entrepreneur. Single Owner of the Business. Easy to Start and Easy to Close. Complete Control. Lower Cost of Formation and Compliance.
Disadvantages of Proprietorship Firm Lack of Resources. Unlimited Liability. Lack of Credibility. Can not raise funds easily. Can not add Partners.
As a sole proprietor, main objective of the firm is opening a current bank account on the name of business. so basically most of the banks ask for any legal certification where your legal business name with proprietorship status has been mentioned. so there are lot of the valid certifications work's in case of sole proprietorship firm