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Understanding Non-Profit Societies

A non-proprietary or not-for-profit society means that members of the managing committee cannot withdraw any profits from the society's business for personal gain. Any profits must be reinvested back into the society to further its objectives and aims, rather than being distributed to individuals. The profits should be used only for the development and betterment of the goals of the society as a whole.

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Anoop Varghese
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2 views1 page

Understanding Non-Profit Societies

A non-proprietary or not-for-profit society means that members of the managing committee cannot withdraw any profits from the society's business for personal gain. Any profits must be reinvested back into the society to further its objectives and aims, rather than being distributed to individuals. The profits should be used only for the development and betterment of the goals of the society as a whole.

Uploaded by

Anoop Varghese
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

Question 2: What is this Non Proprietary character for a society?

Answer: Not for Profit or Non Proprietary means the members of the managing committee of
the society in No Way can withdraw PROFIT coming out of the business of the society or the
trust for their personal gain. The Profit simply explained in business parlance will be BOTTOM
LINE.
Money should be channelized within the ambit of society and its functional areas. Societys
profit should be used only for the development and betterment of the objectives and aims of the
society.

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