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Trust is a very convenient way of starting a Non-governmental organization or NGO. It functions on the objective of removing poverty, education provision for the underprivileged and offering medical relief apart from the generalized aim of promoting arts, science and literature. It is to be noted that trusts are irrevocable which means they cannot be amended or terminated without the permission of the court.A Trust can be a private or public Trust depending upon the class of people that receive benefits. Furthermore, the main intent of running a Trust is to transfer the property to the beneficiary.
A trust can be created by execution of a trust deed; there are two types of trust. A public trust (charitable trust) is created for the benefit of the general public whereas a private trust is created for the benefit of a particular group of individuals known as the beneficiary. A registered trust deed is an official document which carries support and force of law.
Myefilings provides trust registration at an affordable price.
A registered trust will help the organization gain confidence among the public.
A trust is irrevocable in nature.Disqualification of trustees, absence of trustees, mismanagement of the trust does not affect the running of the trust.
Registering a trust helps to avail income tax exemptions and benefit out of it.
First thing is to select a unique name for your trust, the name should not violate or infringe someone else's name or trademark.
The trust deed needs to be drafted wherein the parties to the deed shall be author of the trust deed, the trustee and the beneficiary.
A trust deed is a document which requires mandatory registration before the registrar of the trusts having jurisdiction.
After registration of the trust, the next step is to apply for allotment of PAN Number and TAN and thereafter opening of a bank A/c.
The Trustees have no right to sell the property; however, the trust properties can be sold after obtaining prior permission from the appropriate civil court.
Yes. Government employees or officers can be part of NGOs, provided the NGO is not working towards any anti-government activities or programmes. The intended members should ensure the particular organization is not profit making and that its members do not draw any salary from the NGO.
The trust is usually irrevocable in nature. For reasons like disqualification of trustees, absence of trustees, mismanagement of the trust, the trust can be merged with a trust having similar objectives with the permission of the court.
There is no such specific certificate for a trust registration. Getting the trust deed registered with the appropriate authorities would suffice.