Registration Of Society / Trust
NGO may be defined as association having a definite cultural, Educational, economical, religious or social as its main objective. They are not owned by any one and cannot distribute its profit/surplus as such. Whatever, profit/surplus they may earn from economic activities are reinvested or spent on appropriate nonprofit activities. The typical sources of revenue of non government organizations are donations, grant, gift, membership fee and interest on investment”. Now a days, the word NGO denotes to registered trust, societies, cooperative societies, endowments, non profit companies, etc. Working for the welfare, development and progress of public at large and in a way supplement to the similar functions being carried out by the state and hence, called as Non Government Organizations (NGOs).
What Is Trust?
The public charitable trust is one of the possible form of not-for-profit entity in India. Public charitable trusts can be established for various purposes, including the relief of poverty, education, medical relief and any other object of general public utility. Public trusts are generally irrevocable.
What is society?
Societies are membership organization that may be registered for charitable purposes. Societies are similar in character to trusts, although there a few essential differences. While only two individuals are required to form a trust a minimum of seven individuals are required to form a society. The applicant must register the society with the state registrar of societies having jurisdiction in order to be eligible to apply for tax exempt status. Societies are governed by the society’s registration Act 1860 which has adapted by various states.