License renewal of any kind is a common practice, which require some document proofs and deeds. Like that way this month our company Seed License ought to be renewed, as it expires in a couple of months. In these two year of my experience in Seed Business prospect, i headed to submit the Proprietorship/ Partnership Deed. I couldn't find such a kind of legal document in the office, even the our proprietor has't been prepared since the establishment of the firm. As per my knowledge i knew that there must be a notarized document in the Stamp Paper. I had seen before agreements which stands between two or more parties. Like that way in case of Proprietorship it stands on only one person.
Indeed, there is no need to prepare any kind deed for proprietorship firm, if has any certificate from the Center or State Government. Any document gained from the central government like Income Tax Returns, Central Government License for carrying business like Central Seed Licenses; State Government issued certificates such as VAT Certificate likewise certificates; or Local Authorities issued licenses like Office Registration document can be used instead of the Deed.
However, you can prepare one on your own if asked explicitly. Proprietorship Deed is a document affirmed by owner of the business and that explores the following point to the reader.
- In the first Paragraph it tells that Where, When and by Whom it has been executed.
- The next step informs the the Name and Style of the Business, Registered Office Address, and what kind of the business the firm deals with.
- How many people are involved in the established of the business as well who did the financial contribution.
- Finally you need to mentions your business running factors like the Initial Investment, Borrowing thereafter, authorized person to sign the ledge documents, maintenance of the books of Accounts and closing and opening dates of those books for the new fiscal year, Current Account in the name of, Decision Making, Death or insolvency terms, any other merits and Principles of the organization.
This is how the Sole Proprietorship Deed must be prepared. Here the specimen of the document has been provided for your understanding
For registration of the deed it is recommended to consult the notary or legal adviser, as the amendment of rules would be vary based on the location.