Society or Not-For-Profit

A society is a not-for-profit organization formed by five or more individuals and may or may not be be incorporated. Incorporated societies enjoy the benefits of being a distinct entity seperate from the individual members. All monies raised by a society is for use by the society itself and no funds or profits can be distributed to any member of the society unless appropriate compensation is provided to the society.

If a society chooses to incorporate, a lawyer should be consulted. Societies are incorporated in British Columbia according to the provisions of the Society Act. Copies of the act and regulations are available from:

• Crown Publications in Victoria. (250)386-4636
• International Travel Maps & Books in Vancouver. (604)687-3320.

Every director and member of a society should read the Society Act and regulations.

Cooperatives

Cooperatives (Co-ops) differ from traditional businesses in that they are owned and democratically controlled by the people who use their services. Co-ops are operated for the benefit of members and members must have a say in decisions affecting the co-op.

Since they are developed through consensus and run on the democratic principle of “one member, one vote,” co-ops can be more complex to set up and operate than traditional businesses. If you want to know more about co-ops you should contact a lawyer. To learn more go to the Canadian Co-operative Association (BC Region) website at www.bcca.coop