It is limited to certain objectives hence profits are minimal
Management of society usually rests in the hands of people with less managerial experience due to which society will suffer and many do not invest in hiring professionals to handle the society due to lack of funds or interest so henceforth growth of the society maybe put to stake by its own members.It is limited to certain objectives hence profits are minimal.
There is much dependence on the honesty, integrity and loyalty of members and workers and once there are trust issues between the members it is hard to transact business thereafter.
Officers and directors do not get benefits and allowances
It only caters to the needs of small and medium-income groups so when there are large group with higher economic interest then it is preferable to choose another business model.
To form a Co-operative Society, it’s essential to find 10 individuals above the age of 18 years detailing the name, address, objectives and area of operation of the proposed society along with promoters’ contact details who share a common objective and desires to commence a Society.
The next thing to do is to form a Provisional Committee and elect a chief Promoter amidst them
Then all the members must voluntarily select a name for the society.
Now you need to apply to the Registration Authority for name reservation of your Co-operative Society. You must.obtain a confirmation letter for the name reservation. Also, the reserved name shall be valid for 3 months.
Further, collect the entrance fees and share capital from all the prospective members of your society.
Thereby open a bank account in the name of your Co-operative Society and deposit the collected entrance fees and share money in that account. Also, procure a certificate in that respect.
Now deposit the registration fees with the Reserve Bank of India and thereof obtain a receipt of 1challan.
Submit the application for registration to the Registrar of Societies of the concerned municipal ward along with the necessary documents.
Subsequent to your application, the Registrar will enter the particulars in his register in Form “B.”Thereby he will give you serial number and issue a receipt in acknowledgement of the same
Lastly, the Registrar notifies you about the registration of the Co-operative Society in the Official Gazette and thus issues you the certificate of registration.
The application or proposal for registration of society should come from promoter members who belong to different families but are residents of Delhi only. The proposal should also mention the specific scheme indicating that the proposed society will be viable and will ensure promotion of economic interest of the member. Documentation and procedures The complete set of registration papers can be obtained from the office of the Delhi State Co-operative Union, 31, Netaji Subhash Marg on payment of prescribed fees. The applications along with schemes initially received from the Chief Promoters and are scrutinized by the Department. To ensure
The required documents are as follows:-
The time schedules of Registrar Cooperative Societies to approve the new Cooperative Societies are detailed below:-
Such societies are governed by the provisions of the Multi State Cooperative Societies Act, 2002. This act along with different rules helps to promote the betterment of the society.
The minimum number of members required for a credit cooperative society is 50. This must be 50 members from each state to form this type of society.
Yes audited financial statements have to be provided for registration purposes. However, such statements must be for the preceding three years. A society would not be required to provide these forms of statements if it is more than three years old.
Societies are not Public Authority as defined above, because none of them is either a body or institution of self-government, established or constituted under the Constitution, by law made by the Parliament, by law made by the State Legislature or by way of a notification issued or made by the appropriate government.
Some of the Cooperative may still fall under Public Authority if