A sole proprietorship is a type of business structure which is owned and run only by one natural person and that individual and his/her business entity are considered as one single entity for the purpose of taxation and liabilities.
PAN card along with the address proof and identity proof are the only requirements to start a proprietorship concern. Other Trade Registrations as need be, may be obtained. It is also recommended that proprietorship concern shoud go for registration of Shop & Estabishment Act.
Yes. A proprietorship concern can be converted into LLP or a partnership and/or any other in corporated constitution.
To open a bank account for a Proprietorship, two forms of registration for the Proprietorship i.e.VAT/TIN/CST Registration,Service Tax Registration etc. along with the PAN Card, identity proof and address proof of the Proprietor are needed.

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