A private trust may be created either transfer (inter vivos/living trust) or by will. In a situation where there are a limited and particular number of beneficiaries, it is a private trust.
Requirements for creation of Private trust:
A public trust is created for a large group, i.e., the public in large. Eg: Non-Profit NGO’s Charitable Institutions for the general public.
Requirements for creation of public trust:
A public trust is created for a large group, i.e., the public in large. Eg: Non-Profit NGO’s Charitable Institutions for the general public.
Step 1: Name Selection: The first step is to select a distinctive name for your Trust and such name must be new and must not lead to any violations.
Step 2: Determine the number of Trustees: Once you choose the name of Trust, then the parties should choose the settlers of the Trust, and a minimum of two trustees are required for creating Trust, and the Trustees must be an Indian Resident.
Step 3: Draft a Trust Deed: After that, you have to draft a Trust Deed. You can check all the requirement of drafting a Trust Deed from above.
Step 4: Register with sub-registrar: For the Registration of Trust Deed, trustees and Trust’s Author should be present with the sub-registrar office along with two witnesses. There must be properly attested copy of Trust Deed and registration fee must be paid.
Step 5: Apply for PAN and TAN: On the Registration of Trust Deed, apply for PAN and TAN of the company afterwards apply for a bank account.
Co-Operative Society