A Trust is a legal arrangement where one party (the trustee) holds and manages assets on behalf of another party (the beneficiary). A trust is typically formed for charitable, religious, or philanthropic purposes, though it can also be used for private family matters.

A trustee is legally responsible for managing the trust’s assets and must act in the best interests of the beneficiaries. In case of negligence or mismanagement, they can be held personally liable.

A Society is a voluntary association of individuals or organizations formed to achieve a common goal, usually for educational, cultural, scientific, religious, or charitable purposes.

No, a society must reinvest any income into its primary objectives (e.g., charity, education). Profit cannot be distributed among members.

Yes, a society can change its objectives or rules and regulations. However, any amendments must be approved by the general body of the society and must be filed with the Registrar of Societies for approval.

A Section 8 company can benefit from tax exemptions under Section 80G (donations) and Section 12A (income tax exemption) of the Income Tax Act, 1961.

No, a Section 8 Company cannot issue shares, nor can it distribute profits to its members. The income must be used solely for the furtherance of its objectives.

Yes, a Section 8 company can be converted into a private limited or public limited company if it meets the criteria and follows the conversion process.