The "society" piece of equipment arose to meet the demand for a non-profit organization to ensure the long-term viability of philanthropic activities such as education, art, religion, culture-music, and sport, among others. Because they are non-profit, associations or societies are formed to aid in the advancement of these objectives.Such acts have resulted in a request for a legal entity to even own, control, and manage funds and assets for the attainment of charitable or promotional goals set forth by donors. Furthermore, a society can be formed to achieve this goal.
BENEFITS OF ENROLLING THE SOIETY REGISTERATION
- Each certified society obtains legal recognition.
- A lawfully registered society can establish a current account.
- Underneath the Income Tax Act, you might receive assignment and respect.
- The legality of a certified society is obtained, which is required for the statutory vesting of society's riches.
- Before any of venues and authorities, a registered society receives legal identification.
- People of the registered society are legally obligated in the same way as they would be if they signed the Memorandum.
- A certified society has the ability to sue or be sued.
WHAT IS THE PURPOSE OF SOCIETIES FORMED?
Society is governed to promote literature, science, and the fine arts, as well as the dissemination of useful knowledge/political education and charity objectives. Section 20 of the main Act outlines the following goals for which a society can be registered under the Act:
- Funding for charitable assistance
- Formation of Military orphan funds
- Societies recognized at the General Presidencies of India
- Endorsement of Science,
- Fine Arts,
- commands or diffusion of useful knowledge,
- Dissemination of political education,
- groundwork or maintenance of libraries or reading rooms,
- Public museum and galleries of paintings,
- Works of Act,
- Collections of innate history,
- Mechanical and philosophical inventions,
FORBIDDEN ACTS ON PROFIT MOTIVES WITHIN SOCIETY REGISTERATION
Profit motivation for self-use is forbidden for a society registered under the Societies Registration Act, 1860. The money made by such a society must always be used to benefit the organization's operations.
IMPORTANCE OF SOCIETY REGISTERATION
A community is an organization of people who get together for a specific purpose and work together on mutual consent to achieve a common goal. The Society Registration Act of 1860 regulates the actions of an organization registered in India. Members of the community must maintain equal consideration and abide by the provisions of this Act in order to maintain harmony and contribute to social welfare.
ELIGIBILITY FOR SOCIETY REGISTERATION
For a group to be formed, there must be at least 7 members. The following members are eligible to join the society's Memorandum: Aside from individuals, the following entities are eligible to form an organization by donating to the society's Memorandum:
- Partnership firm for foreigners Limited company
- Society with a legal status
- Minors are not permitted to participate.
- Companies from other countries
- Indian businesses
- Other registered societies