Societies
are registered under the Societies
Registration Act, 1860. The main instrument of any society is the
memorandum of association and rules and regulations. A Society needs a minimum
of seven managing committee members; there is no upper limit to the number
managing committee members. The Board of Management is in the form of a
governing body or council or a managing or executive committee. The Objects are
Literary, Charitable, Scientific and resource oriented etc.
1) EASY TO FORM: The formation of a cooperative
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 cooperative society is
very simple and easy. No legal formalities are required for the formation of
cooperative society.
2) NO OBSTRUCTION FOR MEMBERSHIP: Unless and otherwise specifically
debarred, the membership of cooperative society is open to everybody. Nobody is
obstructed to join on the basis of religion, caste, creed, gender 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. LIMITED
LIABILITY: In most cases, 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.
3)SERVICE MOTIVE : In Cooperative 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. MANAGEMENT: The
cooperative 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 member are
equally important for the society.
UKS
and Associates
is trusted Chartered accounts, CA firms in Laxmi Nagar, Delhi, India since 1993
providing various kinds of ca services including company
registration, auditing services, return filing and other ca services.
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