My name is shivam sinha this is for the testing purpose
11 Feb, 2023
There are certain forms of organisation or company created with the motive of providing services to the members, rather than earning a profit like Trust, Section 8 Company & Society. Private Trust is governed under Indian Trust's Act,1882 whereas Societies are governed by the Indian Societies Act,1860. Section 8 Companies are governed by the Companies Act 2013. Let us further define what Trust, Section 8 Company & Society and then discuss the differences in this article.
A Trust Property requires a Trust Deed where a document details the terms and conditions of the Trust Deed. The Trust Deed is applicable across the country except in Jammu & Kashmir as stated by the Indian Trusts Act.
It is a legal entity, formed by one part in which assets are entrusted to the second party by the first party, for the benefit of a third party.
A Society is established by a group of persons who benefit mutually from the fulfilment of a common goal or for serving a shared purpose. Such goal or purpose may pertain to the advancement of any literary, charitable or scientific work.
A Section 8 Company is established for a charitable purpose as an adjunct to the commercial business which is formed under Companies Act 2013. The prerequisite of Section 8 organisation is that the one cannot divide the profits earned by the organisation. They can use the profits only to promote and strengthen the work.
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