There are certain forms of organization which is created, with an aim of providing services to the members, rather than earning a profit. Trust and society are two such organizations.
Trust registration in India
Trust is a legal arrangement in which a person holds property for the sake of some other person and governed by the Indian Trust Act, 1882. This property can be immovable such as land, houses, building structures etc., or movable such as money, shares, debentures, ornaments etc.
Nature of trust:
1. Private Trust: A trust is termed private in nature if it is created for the benefit of specific individuals that is, individuals who are defined and as curtained individuals or who within a definite time can be definitely ascertained
2. Public Trust: If however, the trust is created for the benefit of an uncertain and fluctuating body of persons who cannot be ascertained any point of time, for instance the public at large or a section of public following a particular religion, profession or faith, the trust is termed as public trust. Such a trust is generally a non-profit venture with charitable object and in such cases it is also referred to as the charitable trust.
3. Religious Trust: A trust created for religious purposes is termed as a religious trust and it can be either a private or a public trust. A religious endowment made via trustees to a specified person is a private trust and the one to the general public or a section thereof is a public trust.
Society registration in India
Society A society is a non-commercial organization, form for the promotion of the object like art, culture, science, religion etc. Associations, clubs or societies are formed to help further these causes because they work on non-profit basis.
Following are the important points for registering a society:
1. Members: At state level need at least seven members and eight members is required for national level society registration.
2. Eligibility: Besides individual, following persons are eligible to form a society by subscribing to the memorandum of a society:
-Foreigners
-Partnership firm
-Limited company
-Registered Society
-But Minors not eligible
3. Governing Act: The societies are governed by the Societies Registration Act of 1986.
4. Place of registration: Where the registered office of the society is situated. Before the District Registrar in the particular area. For example, Charity Commissioner in Delhi.
5. Memorandum of Association and Article of Association: All subscribers (minimum 7) should sign each page of the Memorandum & Article of Association and the signature should be witnessed by an Oath Commissioner, Notary Public, Gazetted Officer, Advocate, Magistrate First Class with their rubber/official stamp and complete address.
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