There are two types of trustes, Private and Public trusts. Private trusts are meant for benefit of group of people. A public charitable trust most preferred legal structure when someone wishes to make an endowment of property for ever and the intent to use such property is for specified charitable purposes only for public at large.
Society is a separate legal entity. It can buy, sell, rent or lease any property, borrow money, enter into contracts using its name.
It is having perpetual status, i.e even if a member leaves or is replaced with a new member, the entity remains functioning
Any single member is not liable to pay for the debt, contract or any other obligation
A Trust enjoys various exemptions from Income tax
Minimum of 2 or more persons
The following documents are submitted with the Local registrar:
Trust Deed on stamp paper of the requisite value
One passport size photograph & copy of the proof of identity of the settler
One passport size photograph & copy of the proof of identity of each of the trustees
One passport size photograph & copy of the proof of identity of each of the two witnesses
Signature of settler on all the pages of the Trust Deed
Signatures of the two witnesses on the Trust Deed
The settler & two witnesses are required to be personally present in the office of the Registrar , along with their identity proof in the original.
The Registrar retains the photocopy & returns the original registered copy of the Trust Deed.
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There are two different ways available Section 8 company or as a trust. Contact us Now.
Trust is perpetual entity, thus can not be discontinued. but in events that are unavoidable such as mis management, trustee isses, this trust can be merged with other trust with prior approval of court.
Yes, with apporval from civil court. Trustee can not discard property of trust.