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There are certain forms of organisation or company created with the motive of providing services to the members, rather than earning a profit like Trust, Section 8 Company & Society. Private Trust is governed under Indian Trust's Act,1882 whereas Societies are governed by the Indian Societies Act,1860. Section 8 Companies are governed by the Companies Act 2013. Let us further define what Trust, Section 8 Company & Society and then discuss the differences in this article.
A Trust Property requires a Trust Deed where a document details the terms and conditions of the Trust Deed. The Trust Deed is applicable across the country except in Jammu & Kashmir as stated by the Indian Trusts Act.
It is a legal entity, formed by one part in which assets are entrusted to the second party by the first party, for the benefit of a third party.
A Society is established by a group of persons who benefit mutually from the fulfilment of a common goal or for serving a shared purpose. Such goal or purpose may pertain to the advancement of any literary, charitable or scientific work.
A Section 8 Company is established for a charitable purpose as an adjunct to the commercial business which is formed under Companies Act 2013. The prerequisite of Section 8 organisation is that the one cannot divide the profits earned by the organisation. They can use the profits only to promote and strengthen the work.
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