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| 1. |
Co operative society organisation |
| Answer» Difference between Co-operative society and Company:\tBasis of differenceCo-operative societyCompany(i) RegulationsIt is governed by the Co-operative Society Act, 1912.It is governed by the Companies Act, 2013.(ii)\xa0Transfer of shareThe members of co-operative societies cannot transfer their shares.Shares can be easily transferred in case of a public company but not in the case of a private company.(iii)\xa0AimThe main aim of a co-operative society is to render services to its members. The word cooperative means working together and with others for a common purposeThe main aim of a company is to earn profits.(iv)\xa0Number of membersMinimum 10 members are required to form a co-operative society, while there is no limit on the maximum number of members.For private company: Minimum-2, Maximum-200, For public company-Minimum-7, Maximum-No limit.(v)\xa0ControlManaged and controlled by the elected managing committee.Managed and controlled by the Board of Directors.(Vi)\xa0Government supportSupport in the form of low taxes, subsidies, loans at a low rate of interest, etc are provided by the government.No government support is provided to companies.\t | |