Society Registration
Advantages
EASY TO FORM
The formation of a society is very simple as compared to the formation of any other form of business organizations. Any ten adults can join together and form a cooperative society. The procedure involves in the registration of a society is very simple and easy. No legal formalities are required for the formation of society.
SERVICE MOTIVE
In society members are provided with better good and services at reasonable prices. The society also provides financial help to its members < the concessional rates. It assists in setting up production units and marketing of produces c small business houses so also small farmers for their agricultural products. The society is managed by the elected members from and among themselves. Every member has equal rights through its single vote but can take active part in' the formulation of the policies of the society. Thus all members are equally important for the society.
LIMITED LIABILITY
The liabilities of the members of the society are limited to the extent of capital contributed by them. Hence, they are relieved from the fear of attachment of their private property, in case of the society suffers financial losses.
MEMBERSHIP
Unless and otherwise specifically debarred, the membership of society is open to everybody. Nobody is obstructed to join on the basis of religion, caste, creed, sex and color etc. A person can become a member of a society at any time he likes and can leave the society when he does not like to continue as member.
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Company Registration
MINIMUM REQUIREMENTS
- Minimum 7 Members.
- No PAN Card required.
- The objective shall be scientific, literary & for charitable purpose.
DOCUMENTS REQUIRED
IDENTITY AND ADDRESS PROOF
- Aadhar Card, Aadhar number is now a necessity for applying for any registration in India.
- Income tax return can only be filed if the person has linked his PAN card with Aadhar number.
- Address proof will be required for all directors and shareholders of the company to be incorporated.
- For Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be mandatorily submitted.
- Residence proof documents like bank statement or electricity bill should not be more than 2 months old.
- All documents submitted must be valid
REGISTERED OFFICE PROOF
- Register office of all companies must be in India .If it is a Rented Property, Rent agreement and NOC from a landlord. If it is a Self-owned Property, Electricity bill or any other address proof.
- Documents submitted must be valid and not more than 2 month old.
PROCESS
MEMORANDUM OF ASSOCIATION
The MOA Includes Several Clauses Such As The Name Of The Society, Address Of The Registered Office, Object For The Formation Of Society And Details Of The General Body.
RULES AND REGULATIONS
The Rules And Regulations, When Formulated, Need To Be Signed And Certified By Three Office Bearers Of The Society (Usually The Chairman, President And Vice- President Or Secretary And The President, As Applicable). Both These Documents Must Then Be Signed By Each Of The Founding Members, Witnessed By A Notary Public Or Chartered Accountant With Their Official Stamp And Address. Before Applying For Registration, One Need To Ensure The Clauses Mentioned In Both MoA And The Rules Are Discussed And Approved By The Members. The ‘Object Clause’ In The MOA Should Clearly State The Purpose Of Formation Of The Society. This Clause May Be Crucial For The Inclusion Of The Society Under The Act.
FREQUENTLY ASKED QUESTIONS
Members as given in the memorandum shall be a person who has been admitted according to the rules and regulations of the society and have paid the subscription and signed the list of members. A person shall not be entitled to vote or be counted as a member in any of the proceedings of the society whose subscription is in arrears (The time limit for receiving the subscription should generally be specified in the rules and regulations of the society).
Governing Body under the Societies Registration Act,1860 can be said to be consisting of the Governor’s council, Committee, trustees or some other body by whatever name called to whom or to which by the rules and regulations of the society the management of its affairs is entrusted.
General Body of a society comprises of all the members who have subscribed to the memorandum of the society.
The members of the governing body are the Trustees of the Property of the Society. The property whether movable or immovable vests with the society’s trustees.
In general all the documents of the society to be filed with the registrar of the societies should be signed by the President or the Chairman or the Secretary of the Society or by any other person specifically authorized in this behalf.
The shareholding of a company determines its ownership, and this is usually structured very easily. If your company is to be wholly owned by yourself, you only need a single share issued in your name to begin with. Alternatively, if you wish to distribute the value of the company amongst family members or investors, 100 shares will usually give the flexibility required.
A society can be formed by “Any Seven or more persons associated for any literary, scientific or charitable purpose, or for any such purpose as described in Section 20 of this Act, may, by subscribing their names to a memorandum of association, and filing the same with registrar of Joint Stock Companies (The word Joint Stock Companies has been replaced by respective state acts as either Registrar of Societies or Inspector General of registration or as the respective State Act may specify) form themselves into a society under this Act”.