Cooperative societies are formed with the aim of helping their members. This type of business organisation is formed in order to prevent any type of exploitation from the economically stronger sections of the society.
Cooperative societies need to be registered under the Cooperative Societies Act, 1912 in order to function as a legal entity. Members of the society raise the capital within themselves.Co-operative societies need to be registered under the respective Co-operative society boards formed by their state Government.
The various forms of co-operative societies are: Consumer Co-operative society, Producer co-operative society, Credit co-operative society, Housing co-operative society, Marketing co-operative society.
Documents required for formation of co-operative society:
- PAN card of all members
- Residential proof- Aadhaar card, passport, Bank statement, Driving license
- Rules and regulations of society
- Memorandum of Association
- Covering letter
- Proof of address of registered office- rent agreement, electricity bill, NOC from owner.
- List of all members
- Declaration
Fees for registration of co-operative society- Rs. 18,000. (Rates may vary as per the state laws).
