The different Company Forms in comparison
| SECTION 25 COMPANY | SOCIETY | TRUST | |
|---|---|---|---|
| Objects | Non-profit activities | Charitable, Literary, Scientific, etc | Charitable, Socially beneficial |
| Statute/Law | Indian Companies Act 1956 | Societies Registration Act 1860 | Bombay Public Trusts Act 1950 |
| Alternation of objects | Complex legal procedure | Simple procedure | Normally only Settlor can modify |
| Formation | Complex procedure, 3-6 mths. | Simple and easy | Simple and easy |
| Management | Formalities of Company law have to be observed. | Few restrictions imposed under the Act | Very few restrictions imposed under the Act |
| Meetings | To be held as per provisions of law which are quite extensive. | Annual meeting as per law and Rules of the society | No provisions laid down |
| Penalties | Various offences and lapses attract severe penalties. | Few offences and penalties have been prescribed | Very negligible |
| Legal Status | Full legal status | Legal status with certain limitations | Legal status with limitations |
| Statutory Regulation | Exhaustive but mature | Very limited | Nominal |
| Removal of members | Not possible without consent | Possible without consent | Not applicable |
| Dissolution or takeover by state | Very difficult | Possible | Possible |
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