How to Withdraw from a Partnership in India
Starting a new business with a partner is exciting, isn’t it? But, as seen at times, things do not always quite go as expected. Any of the partners, voluntaril ...
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- To from a society, law mandates that 10 members minimum must show intention to be part of the society having same aim and objective to be achieved through the society.
- Once a group of individuals have a desire to form a society the next step should be there must be a provional committee of which everyone is part of.
- Formally when a chief promoter has been elected by the set of individuals among them, they have to then select a anme for the co-operative society which they wish to form.
- Once the name of the society is selected by the members then they have to make an application to the registration authority stating that they have a intention to formulate a society.
- The name approval comes from the concerned authority, the entrance fee and the share capital must be collected from the concerned prospective members to meet the statutory requirements under law.
- The promoter has to open the bank account in the name of the society and deposit the mentioned fees and share capital in the account and a certificate has to be obtained from the bank.
- On completion of the bank formalities the promoter has to apply for the society formation to the registration authority.
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A co-operative Society utilizes the funds by giving loans to the members and in case the surplus remains then they invest it as per the Co-operatives society Act / Rules / By-Laws. They give loans directly to people or business for small and medium purpose under different heads like Housing Loan, Gold Loan, Vehicle Loan, Personal Loan, Business Loan, Food Grain Loan, and Consumer Loan. EMI is fix by co-op society for members and full proof agreement on stem paper are done for loan.
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