Monday 9 March 2020

What is Proprietor Registration Criteria?

What is Proprietor Registration Criteria? Proprietor Registration Criteria is the standardized process that a Business Corporation must go through in order to become a member of the Small Business Administration.

The premise behind Proprietor Registration Criteria is that a Corporation has rights as a shareholder to perform financial functions like investments and managing cash flow. With that said, the rights extend to owning a part of the business or its assets. For a number of reasons, it's very important for a Corporation to register under the Proprietor Registration Criteria.

The Proprietor Registration Criteria work on the basis of two sets of standards, with one set of standards being applied to a Small Business Corporation (SB Corp) and the other set of standards being applied to a Proprietor. Here's an example. If you own a hotel and you've chosen to be a Proprietor to that hotel, you're going to have a couple of different sets of standards to meet.

First, your Business Corporation can only be active in all Proprietor Registrations if it's in compliance with each individual set of Standards. This means that a hotel cannot make use of the Proprietor Registration Criteria in an area where the Proprietor is not certified to use the standards.
Proprietorship Registration
Private Limited Company Registration
Foreign Subsidiary Registration
LLP Registration
One Person Company Registration
NGO Registration
Foreign Liaison Office Setup
ROC Compliance
Tax Filing
GST Filings


Second, a Hotel cannot register under the Proprietor Registration Criteria if it's not in compliance with all the Proprietor Standards. The results can be quite costly to a Small Business Corporation as a result of these Standards, which means that even the Corp is not in compliance with all the Proprietor Standard at the time of registration.

If your company is looking to be a member of the Small Business Administration, then it is imperative that you become a Proprietor. When you become a Proprietor, you will be allowed to participate in the Small Business Administration's Proprietor Certification Process.

A Business Corporation, Proprietor, or person with authority to transact business in the State of New York can file a request for certification. Once certified, a Proprietor can begin participating in the Proprietor Certification Process.

Proprietor Certification is a time consuming process, so you should not expect a speedy solution from the Small Business Administration. The Proprietor Certification Processes begins with a certification application. The Proprietor will fill out a registration application, after which they will be reviewed by the SBA.

The SBA will make a determination as to whether or not the application meets the required standards. The SBA also has a timeline for approving a Proprietor's application.
Once approved, the Proprietor can submit their documentation for certification to the SBA. 

Documentation needed by the SBA include the following: a letter of qualification; Proprietor Registration Application Form; the SBA Request for Certifications; the SBA Report on Proprietor Certification; and the SBA Certificate of Compliance. At this point, the Proprietor is considered to be a certified proprietor, but the SBA still has further requirements that must be met.

Once these requirements are met, the SBA will release the SBA Certification seal, confirming that the Proprietor meets the SBA's requirements. This will provide proof that the Proprietor is fully accredited under the Proprietor Registration Criteria.

Becoming a Proprietor can have tremendous benefits for a business corporation or person that is interested in participating in the Proprietor Registration Criteria. However, if you're not a corporation or a person with authority to transact business in the State of New York, you can still take advantage of the Proprietor Certification Process.

No comments:

Post a Comment