Home / Society - Benefits
Society - Benefits
The benefits of Societies arises from the features it comprised off
 Easy to Form
The procedure for formation of society is very simple and less time consuming as compared to company and does not involve drafting of documents like business plan and obtaining of any licence for incorporating a society.
Legal Entity
A registered Society has a separate legal identity in the eyes of the law and is therefore distinct from its members.
Recognition
Societies are recognized under various scheme carried on by the Central and State Government for charitable and religious purposes and are given special treatment under the said scheme.
Liability
A Society exists as a separate legal entity from your personal life. Both Society and person who own it are separate entities and both functions separately. Liability for repayment of debts and lawsuits incurred by the Society, lies on it and not the owner. Any business with potential for lawsuits should consider incorporation. Incorporating will offer an added layer of protection.
Perpetual Succession
An incorporated society has perpetual succession. Notwithstanding any changes in the members of the Society, the Society will be a same entity with the same privileges, immunities, estates and possessions. The Society shall continue ton exist till its wound up in accordance with the provisions of the relevant law.
Separate Property
A Society as legal entity is capable of owning its funds and other properties. The Society is the real person in which all the property is vested and by which it is controlled, managed and disposed off. The property of Company is not the property of its members.Recognized Under Tax Laws: Societies are recognized under Income Tax Laws for exemption from payment of tax on income generated from rendering services for charitable and religious purposes.
Capacity to sue
As a juristic legal person, a Society can sue in its name and be sued by others.
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