A trust is suitable for charitable organisations which are started by individuals persons or families. A trust runs through a corpus fund, which is established by an initial donation from the founding individual or family and then sustained through external donations
Societies can be formed for charitable as well as recreational purposes. It is usually formed by a collective of like minded people with a common goal or vision that is not commercial in nature.
This structure is usually suitable for NGOs that do not only collect charitable donations but also engage in commercial activity to raise funds for their charitable and social pursuits.
Partnership is an agreement between two or more people to share the profits of a business. The business can be carried on together by all the partners or any one partner representing the others. A partnership can be for a fixed period of time or it may be limited to a specific project or it may be dissolved at will.
The Partnership Act does not prohibit a non-citizen from joining an Indian partnership firm, subject to necessary clearances and permissions from satisfactory authorities in this regard.
OCapital is the initial amount in cash or kind contributed by the partners to start the business. It is not necessary for each partner to contribute equally to the capital. Contribution is based on the agreement between the parties.
It is not compulsory for a partnership deed to be in writing. Partnerships can also be oral.
Partners must be major (above the age of 18), should be sane and should not be disqualified by law from entering into a contract.
Yes, a partner can transfer his interest in the business to an outsider, but only with the consent of all other partners.
A partnership firm can be dissolved in any of the following ways: