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- Category: India Educational Consultants
Co-operative Society is a society formed by mutual interest of its members and registered under the society act, where as
A Private company is formed by two or more persons called promoters/directors and registered under the companies act as a Private limited company(PVT.LTD) to do any business for profit.
Main object of a co-operative society is not to earn profit and a income and expenditure ,Balance sheet is prepared to calculate the surplus and the accounts are audited by the Co-operative Auditors.
where as the basic object is to earn profit in A PVT.LTD. and Profit&loss accounts and Balance sheet is prepared to distribute dividend if any and accounts are audited by Individual Chartered accountants firm as statutory auditors appointed by the members.
The co-operative society are govern by the Society Act where as A Private company are govern by the companies Act.
- #21458Co operative society is formed by people of similar interest.Minimum number of members should be 11. The society is to be registered under society act. There will be a secretary to maintain accounts and other statutory requirements.These societies can take up contracts and the earnings out of these contracts will be shared equally by all the members.
A private company is formed by minimum 3 or more people.This will be registered under companies act.These companies has to spell out their nature of business.They are monitored by the directors of the company.In this companies the directors share holding need not be equal.