Society

A group of people formed as a separate organization and which has as a stated purpose some charitable or benevolent purpose either in regards to the public at-large or in regards to the common interests of the members, and which operates as nearly as possible at cost

Features

• It's a group of persons
• For some common interest or purpose
• United by a common vow
• Follows the same trade or profession

Benefits

• Easy to form
• No obstruction for membership
• Limited liability
• Service motive
• Democratic management
• Stability and continuity
• Economic operations
• Surplus shared by the members
• State patronage

Suitability

Any group of persons can form a cooperative society of their own if they so like to act jointly for the common benefit of each other. But that is not the legal way of formation the cooperative society. All societies must be formed under the Cooperative Societies Act, 1912 or under the relevant state cooperative laws.