All about NGO/Trust
NGO stands for non-governmental organization. While there is no universally agreed-upon definition of an NGO, typically it is a voluntary group or institution with a social mission, which operates independently from the government. A NGO should be task-oriented and driven by people with common interest. Trust is the most common way of starting a NPO or NGO, with the objectives of demolish poverty, providing education and offering medical relief. It can also promote arts, science and literature. A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. The quorum of the Board of Trustees shall not exceed a maximum of 21 members.
Documents required for registration
Registration process of Trust
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Advantage of forming Trust
If Ngo is for profitable purpose then it is often registered under companies act.
One is Indian Trust Act, 1882 and the other is Indian Societies Act, 1860 ,
Indian Trusts are registered under Trust Act and the Societies are registered under Societies Act.
The third type of act is Indian Companies Act, 1956 under which a profitable NGO is registered.
|Private Limited Company||One Person Company||Limited Liability Partnership||Partnership Firm||Proprietorship Firm|
|Act||Companies Act, 2013||Companies Act, 2013||Limited Liability Partnership Act, 2008||Indian Partnership Act,1932||No specified Act|
|Number of members||2 – 200||Only 1||2 – Unlimited||2 – 50||Only 1|
|Number of Director/Partner||2 – 15||Only 1||2 – Unlimited||2 – Unlimited||Only 1|
|Separate Legal Entity||Yes||Yes||Yes||No||No|
|Statutory Audit||Mandatory||Mandatory||Dependent||Not mandatory||Not mandatory|
|Ownership Transfer ability||Yes||No||Yes||No||No|
|Foreign Participation||Allowed||Not Allowed||Allowed||Not Allowed||Not Allowed|