The Governing authority of trust is Deputy or Asst. Charity Commissioner within its jurisdiction.
Although trusts are established as “Non profit Organisation†does not mean trust cannot generate profit. Thus the profit generated shall be utilized only for charitable purpose and not distributed as dividends.
From legal view there is no necessity to convene Annual General Meeting.
Not all documents but yes as per legal provisions there are few documents which are free for public inspection subject to certain criteria's and payment of fees.
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Society:
Step 1:Choose name of the society. While choosing name of the Society be careful that the name is not identical or similar to the existing name of n any society as per Societies Act, 1860.
Step 2:Memorandum of a society containing rules and regulations shall be signed by all the founders witnessed by the Oath Commissioner duly notarized with stamp and complete address
Step 3:Application for Registration can be either done with the Registrar of Societies at the State Level or District Magistrate of the Registrar of Societies at the district level.
Step 4:The application can be submitted along with following documents-
- Memorandum of Association
- Consent letters of all the members
- Authority letter duly signed by all the members
- An affidavit sworn by the president or Secretary of the Society executed on non-judicial stamp paper along with court fees.
- A declaration by the members of the managing committee that the funds of the society will be used only for the purpose for which the society is being formed.
Note: The above documents must be submitted in duplicate to the Registrar of Societies
Minimum Requirements for Society Registration
- 1 Passport size photo & proof of identity of all the members of the Society
- 1 Passport size photo & proof of identity of the witnesses
Minimum 7 members are required as per Societies Registration Act.
Yes on payment of prescribed fees anyone can inspect documents of the Society since it being the public documents.
A society once formed may be dissolved once formed by passing special resolution by giving prior intimation to the registrar byt following all appropriate steps for dissolution as per the Societies Registration Act.
Section 8 Company
Step 1: Apply for DIN and DSC of the proposed Directors.
Step 2: Apply for Name availability and make sure that the name applied is not resembling the existing company.
Step 3: Once name is approved apply to Registrar of Companies with all documents for getting the Certificate of Incorporation of the Company.
Step 4: Obtain License from the Registrar by filling form INC-12
Step 5: Follow up with the Ministry of Corporate Affairs.
Minimum requirements for Section 8
Members : Minimum 2 members are required.
Capital : There is no such capital adequacy
DIN : For 2 members.
DSC : Digital Signature Certificate will be required for all directors
Address : Address proof like Rent agreement / Light Bill for the registered address is required.
Indian : Minimum of 1 Director must be resident of India
FAQ's
Section 8 company is basically a non profit organization and can be registered as a Private Limited Company under section 8 of the Companies Act, 2013
Section 8 Company can be incorporated to promote science, arts, research, sports, Social Welfare, education, charity, protection of Environment etc.
Proof of identity of all the Directors, Proof of Address of all the Directors NOC from the owner of the registered address of the Company PAN cards are mandatory Identity proof and address proof from the landlord of the Company
The Ministry of Corporate Affairs is the governing authority for Section 8 Company