Distinguish between the Partnership and Co-operative society.
Answers
Distinguish Between Co-operative Society and Partnership Firm, difference between, study notes, studies material, studies notes – according to the New Textbook
Sr. No Basis Difference Co-operative Society Partnership Firm
1. Meaning A Co-operative society is a voluntary association of people who come together on the basis of unity and equality to protect and promote their common economic interest. Two or More persons come together for partnership firm
2. Motive Main motto of a co-operative society is to provide services to members and secondary profit making Main Motto to earn profit
3. Membership Minimum of 10 members are required and no mix mum limit for the formation of co-operative society There can be a minimum of 2 partners and a maximum of 10 partners in banking business and 20 in non-banking business.
4. Transfer ability of shares Shares can be transfer in favor of the society at any time No partner can transfer his share in favour of others without the consent of other partners.
5. Legal Status Co-operative society enjoys an independent legal status different form its members. Partnership firm does not enjoy an independent legal status. Legally there is no difference between the partnership firm and its partners
6. Act Co-operative society is governed under Co-operative society Act, 1912. Partnership is controlled under Indian Partnership Act, 1932.
7. Liability The Liability of every member in a co-operative society is limited. The liability of partners is unlimited. It is joint as well as several