A Society is a non-profit organization formed by a group of people who come together for a common purpose such as charity, education, culture, religion, sports, or social welfare. It is governed by the Societies Registration Act, 1860 in India, and by state-specific amendments in different states.
The main goal of a society is to promote activities that benefit the public or a specific community. Unlike a company, a society does not aim to earn profits. Any income or funds received must be used only for the society's objectives and not distributed among its members.
To register a society:
- At least 7 members (or more, depending on the state) are required.
- A Memorandum of Association (MOA) and Rules & Regulations must be prepared.
- The society must be registered with the Registrar of Societies in the respective state.
Key features of a Society:
- Separate legal identity
- Can open a bank account, acquire property, and enter into contracts in its own name
- Must maintain proper records and submit annual reports
- Eligible for tax exemptions (after obtaining 12A and 80G registration under the Income Tax Act)
A society is a good option for individuals or groups aiming to create a structured and transparent platform for charitable or social activities.