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Co-Op Internship, Software Cooperative, Accounting Software, Cooperative Society Accounting

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Co-Op Internship, Software Cooperative, Accounting Software, Cooperative Society Accounting

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  1. WEBSOFTEX PRESENTS BASICS OF CO-OPERATIVES SOCITIES

  2. The term co-operation comes from the Latin word co-operative, wherever the word co means that ‘with’ and operative means that ‘to work’. Thus, co-operation means that operating along. • So people who need to figure along side some common economic objective will type a society that is termed as “co-operative society”. MEANING OF CO OPERATIVE

  3. It is a voluntary association of persons who work together to promote their economic interest. • It works on the principle of self-help as well as mutual help. • The main objective is to provide support to the members. • Nobody joins a cooperative society to earn profit. WHY CO-OPERATIVES?

  4. A co-operative society could be a special form of business concern completely different from alternative kinds of origination you've got learnt earlier. allow us to discuss its characteristics. • 1.Open membership: • The membership of a Co-operative Society is hospitable all those that have a standard interest. CHARACTERISTICS

  5. 2.Voluntary Association: • Members be a part of the co-operative society voluntarily, that is, by choice. • A member will be a part of the society as and once he likes, continue for as long as he likes, and leave the society at can. • 3. State control: • To protect the interest of members, co-operative societies square measure placed beneath state management through registration. CHARACTERISTICS

  6. While obtaining registered, a society must submit details concerning the members and therefore the business it's to undertake. • It has to take care of books of accounts, that square measure to be audited by government auditors. CHARACTERISTICS

  7. 4.Sources of Finance: In a co-operative society capital is contributed by all the members. However, it can easily raise loans and secure grants from government after its registration. 5.Service motive: Co-operatives are not formed to maximize profit like other forms of business organization The main purpose of a Co-operative Society is to provide service to its members. CHARACTERISTICS

  8. A Co-operative Society can be formed as per the provisions of the Co-operative Societies Act, 1912. At least ten persons having the capacity to enter into a contract with common economic objectives, like farming, weaving, consuming, etc. can form a Co-operative Society. FORMATION OF CO-OPERATIVE

  9. A joint application along with the bye-laws of the society containing the details about the society and its members, has to be submitted to the Registrar of Co-operative Societies of the concerned state. After scrutiny of the application and the bye–laws, the registrar issues a Certificate of Registration. FORMATION OF CO-OPERATIVE

  10. Application with the signature of all members • Bye-laws of the society containing: • Name, address and aims and objectives of the society; • (b) Names, addresses and occupations of members; • (c) Mode of admitting new members; • (d) Share capital and its division. REQUIREMENTS FOR REGISTRATION

  11. Easy Formation • Open Membership • Democratic Control • Limited Liability • Elimination of Middlemen’s Profit • State Assistance • Stable Life ADVANTAGES

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