| Points |
Co-operative Society |
Partnership Firm |
| 1. Meaning |
Co-operative Society is a voluntary association of individuals Which is formed for providing services to its members. |
A partnership firm is formed by two or more persons to do business and share profits. |
| 2. Number of members |
Minimum ten persons and maximum no limit. |
Minimum two persons and a maximum of fifty persons. |
| 3. Registration |
It is compulsory. |
It is not compulsory in India, but compulsory is Maharashtra |
| 4. Liability |
The liability of members is limited up to the extent of the unpaid amount on shares held by them. |
The liability of partners is unlimited, joint, and several. |
| 5. Secrecy |
It is not possible to maintain secrecy iii a Co-operative Society. |
The company has huge capital. |
| 6. Management |
Managing Committee manages the society according to its bye-laws. |
All partners are involved in the management of the firm. |
| 7. Stability |
Stability is not affected by death, insolvency, or lunacy of a member. |
The stability of a firm is affected by death, insolvency or lunacy of a partner. |
| 8. Government Control |
There is a lot of government supervision and control. |
There is minimum government supervision for a partnership firm. |
| 9. Act |
Co-operative Societies have to follow the Indian Co-operative Societies Act, 1912. In Maharashtra, societies have to follow the Maharashtra Co-operative Societies Act, 1960. |
Partnership firms are governed by the Indian Partnership Act, 1932. |
| 10. Motive |
The motive is to give maximum services to the people. |
The motive is to earn profits. |
| 11. Legal Status |
A Co-operative Society enjoys an independent legal status, distinct from its members. |
Partnership firms do not have an independent legal status. Partners and the firms are one and the same. |
| 12. Transfer of shares |
Members can surrender shares to society. |
Partners cannot transfer the shares without the consent of other partners. |
Sia ? 3 years, 5 months ago
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