The main advantage of society registration is lower compliances. There is less compliance cost involved and a larger picture of benefits available to society. There are also fewer compliances regarding the purchase of an asset by society.
A separate bank account is opened by society, and the accounts are audited accordingly. Tax is applicable to the profit of the society, and it is mandatory to file ITR, but several deductions are also available to society. A registered society gets ample benefits for availing tax exemption.
The Society Act of 1908 establishes minimal criteria for incorporated societies, which provides confidence to society members. Society can get funding from outside sources as well as its members. They can get easy funding to meet its objective and for promotion of its objective.
Members are obligated to pay if they acquire debts and responsibilities for the aim of acquiring money in the event of profit; otherwise, members cannot be held liable for any other obligations
Since society is a separate entity different from its members, a society can buy, sell, transfer, rent, and lease property in the name of society. It can sue and also be sued in its own name.