Co-operative Society

CO-OPERATIVE SOCIETY

A Co-operative Society is an association of individuals who willingly unifies to satisfy their common needs and economic interests. It is democratically controlled concern with an object to serve the interests of weaker sections of the society and provide support to members through creation of funds. It undertakes to promote self-help among farmers, artisans and poor section of society. It is a separate legal entity where shares are issued or transferred only to the members of the co-operative society.

Key Points

In case of a proposed Housing Co-operative Society- at least 8 individuals
In case of a proposed primary Co-operative Society- at least 10 individuals from different families
In the case of a proposed Federal Co-operative Society- authorized representative of at least 5 primary Co-operative Societies
No minor allowed to be a member
Members liability is limited
Maximum shareholding of a member cannot exceed 20% of the total issued capital
One member one vote
Mandatory audit of accounts is to be done every year
Tax Audit is necessary if the sales turnover or gross receipts exceeds Rs. 1 crore
Half-yearly and Annual General Meeting is necessary to be conducted every year

No minimum capital requirement
Election of provisional committee Chief Promoter
Mandatory opening of a Bank Account
PAN of co-operative society is necessary for paying taxes

Requirements

Name of proposed co-operative society
List of promoter members-
• Names;

• Addresses;

• Occupations;

• Equity Participation, if shares are issued

List of members of the First Board
Communication Details of proposed co-operative society-
• Mobile Number;

• E-mail Id

Detailed objects of co-operative society

Precise address details of proposed co-operative society-
• Rural or Urban;

• Block/ Municipality/ Municipal Corporation;

• Town or Panchayat;

• Nearest Police Station;

• Nearest Post Office

Areas where proposed co-operative society desires to operate
Collection of entrance fees and share money
Deposit of such money in the bank account
Detailed scheme of the project, if any

Requisite Documents

Proof of Identity and Residence (of all members) (whatever available)-
• PAN Card;

• Aadhaar Card;

• Latest Utility bills;

• Passport;

• Driving License;

• Bank Statement

Proof of Address of the Registered office-
• Title Deeds; or

• Lease/ Rent Agreement and rent receipt;

NOC from landlord or owner of office premises

Note

We register co-operative society only in State of West Bengal.
Identity documents should be Self Attested and attested by the Chief Promoter.
Other requisite documents shall be drafted and finalized by our team for the process and will be requested for signing.

Further, details and documents, if any required, can be called for during the process.
We too provide services for Annual Filings of Co-operative Society as a separate service.
We also provide services of filing Income Tax Return and other related services as a separate service.