In our SHERI(socity) we celebrate every fastivals and we also sale verious sweets on different fastivals... and the contribution is collected from the every resident of our sheri(socity) and the sale procedings are maintained in the funds of the sheri. Where all transaction are in cash. and now we are deciding to form a legal firm . So plz guide about what kind of formation we should follow, a TRUST or an AOP or a BOI or a SOCITY..and also the procedure for the formation of the same
02 August 2025
Since your goal is community activity, festival celebration, and social cohesion — not business or profit — you should form a: ✅ Society (under Societies Registration Act, 1860) Why? Designed for cultural, social, or welfare activities Has a democratic structure Encourages transparency and fund usage rules You can open a bank account, apply for PAN, and even later get 12AB exemption if needed
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