It is an association of persons united together by mutual consent to work for a common purpose.
Generally formed for charitable purposes like education, art, religion, sports, culture, etc.
Can be formed by minimum 7 members.
Governed by Societies Registration Act 1860.
How to register:
Similar to Partnership firms, it is optional for societies to be registered. If registered, they have benefits like holding vESIed property or option to file suit by or against society.
Registration of society is managed by state governments. Hence, application to be made to the concerned authority of the state.
Requirement of Separate PAN:
Separate PAN issued.
The name should not be similar to any existing registered society. It should be as per the provisions of Emblem and Names Act, 1950
Income tax exemption is possible subject to prior approval from income tax authorities.
Due to limited financial resources, Management is usually inefficient.
Excessive government interference.
Aadhaar card copy, PAN card copy and photographs of members and witnesses
Rental deed/lease deed copy
Electricity Bill of office of Society
Details of members and witnesses