Sole proprietorship declaration
The proprietor declares that he or she alone owns the business, for a bank account in its name or for a registration.
Opens Dastavo with this paper ready to fill, on this computer or in the app. No account needed.
iPhone and iPad: coming to the App Store · Android: coming to Google Play
Not yet reviewed by a lawyer. Check every line before it is signed.
How the paper begins
With Dastavo's sample details; the people and places are fictional. The words in blue are the ones you fill in.
DECLARATION OF SOLE PROPRIETORSHIP
(given to Amar Co-operative Bank Ltd., Main Branch, Amarnagar)
I, Asha Rani wife of Shri Rohan Kumar, aged about 34 years, resident of House No. 12, Street No. 3, Nanak Nagar, Amarnagar, Tehsil and District Amarnagar, Punjab, declare as follows:
1.That I am the sole proprietor of the business of stitching and selling ladies' suits carried on under the name M/s Asha Boutique at Shop No. 7, Gurdwara Road, Amarnagar, since 01-04-2023.
2.That I alone own the business. No other person is a partner in it or has any share or interest in it, and I alone am answerable for all its dealings, assets and liabilities.
3.That the business is not a company, a limited liability partnership or a partnership firm, and has no legal existence apart from me; my own PAN (XXXXX0001X) is used for its income-tax matters.
4.That the business holds these registrations: Udyam registration No. UDYAM-PB-00-0000000.
5.That I do not carry on any other business under another name, and I am not a partner in any firm.
6.That I request Amar Co-operative Bank Ltd., Main Branch, Amarnagar to open an account in the name of M/s Asha Boutique, to be operated by me alone. I shall be personally liable for every transaction in that account, and the bank may treat every instruction I sign as proprietor as binding on the business and on me.
The rest of the paper is in Dastavo.
What to bring
Papers to bring
- The proprietor's PAN card, Aadhaar card and two photographs
- Usually two proofs that the business runs in its own name, as the bank asks: GST, Udyam or shop and establishment registration, a trade licence, or an income-tax return showing the business
- Proof of the business address, such as the rent agreement or an electricity bill
- The business's letterhead and rubber stamp, if it has them
Where to go
Signed by the proprietor and given to the bank branch with the account-opening form, or to the office that asked for it. Some banks want their own format, or the declaration on stamp paper attested by a Notary.
Fee
No fee for the declaration itself; if the bank wants stamp paper or a Notary, ask there for the current charges.
Good to know
- A proprietorship is not separate from its owner: the proprietor's own PAN is used, and the proprietor is personally liable for its debts.
- If a partner joins or the business is sold, tell the bank in writing; a partnership firm needs its own account and papers.
Papers and fees can change. Check with the office before you go. Guidance only, not yet reviewed by a lawyer.
Stamp paper
Plain paper or the firm's letterhead, signed by the proprietor with the firm's stamp. Some banks give their own format, or want it on stamp paper attested by a Notary: ask the branch or office first.