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Information you need to get a cooperative society registered

mmdoot
by Mukesh Doot 4 year(s) ago

Before starting up anything new, you need to plan things properly to ensure that you would get success in your endeavours. The same goes true for opening up a cooperative business. For a common benefit, a group of people comes together to form a cooperative society. So, a cooperative business has at least 10 members who work together towards a common goal. Each member benefits from the investment and profit made by other members’ share. A cooperative business must be formed under the Cooperative Societies Act, 1912 or under the relevant state cooperative laws.

The following information and resources you need to get your cooperative business registered –

  1. List of members and their identification and address documents - Generally, there needs to be 10 members to form a society. So when you have initial group of members, you should prepare a list of their names and get ID and address documents from them.
  2. Future joining – you need also to determine how members will be able to join your society in the future

  3. Name – you have to determine the name of the cooperative business and get it registered. For all financial formalities in the future, this name will be used.
  4. Objective – You need to determine the objective and the nature of the society. Whether it will be a bank, a business idea or anything profitable

  5. Funds – you need to give information how you plan to collect and then use funds

  6. Managing committee – you should have a clear plan about how you would administer your society

Some of the above mentioned information and resources you would need to get your cooperative society a legal status, while others just to run things smoothly.

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