Alternatively, you are in a position to establish a registered society according to the Societies registration act enacted in 1860 or some other state laws comparable to Federal societies registration act. People usually set up societies for encouraging science, the dissemination of political education, the dissemination of helpful knowledge, for instruction, the fine arts, literature, the maintenance and foundation of libraries, and also reading rooms for public or amid the members of the society. Moreover, it is for the establishment of galleries for painting, public museums, various works of art, a collection of designs, instruments, philosophical inventions, mechanical inventions, natural history etc.

Requirements

At least you need seven members to form a society. They are required to submit a memorandum of association written on non-judicial stamp paper, reveal the aims of the society in front of the registrar of societies within the state wherein the society is situated. The legal procedures are very simple as compared to any trust or the Indian companies act section 25 of companies, 1956.

Draws of Society registration

Simple to form

It is very easy to form a society in comparison to the shaping up of any other kind of business organisations.  Any mature ten people are capable of coming together and bring a cooperative society into being. The process entailed in society registration in India is easy and trouble-free. You are not needed to go through any legal formalities to form a society.

No hurdle for membership

Until and unless particularly debarred, it is easy to get membership in society because it is open to every person. No one is barred from joining the society on the basis of colour, sex, creed, and caste etc. Any individual is capable of becoming a member any time of the society he wishes and is able to give up the membership of the society as he is not interested in working as a member.

In the majority of the instances, the liabilities on the members relating to the society are restricted to the point they contribute capital to the society. Therefore, they are not needed to fear the attachment of the property, if the society undergoes any financial losses. It may be possible to go for a new society registration.

Service aim

In society members are offered with excellent services and goods at affordable rates. The society as well lends financial assistance to its members at very concessional rates. It aids in establishing production units and also selling of products of mid-sized business firms as well as small farmers with regard to their agricultural items.

The society tends to be administered by its elected members from & amid themselves. All members enjoy the same rights via its single vote, however, are capable of participating actively in devising the policies pertaining to the society. In this manner, every member is crucial to society.

Drawbacks of society

The chief glitch is that given to its democratic processes; the society is capable of taking over by people against the founding members. Hence the likelihood of hijack of basic concept is highly possible.