The legal status of organizations makes sure they are accountable for all the funds and donations they collect.
A registered NGO thinks works and develops in a systematic manner and functions accordingly. For example, when an individual donates resources to a charitable fund, it is received under the name of the organization and used for the benefit of others. In an unregistered firm, the asset can be received under anyone’s name and used for their own profit.
A company that is registered as an NGO stays within the ethical, social and legal parameters of the society.
The basic requirement for running a company is to have a bank account under its name. In order to open an account, it is mandatory to be registered as a non-profitable organization.
The registration of an NGO will also help in tax exemption once they are registered under Income Tax Authorities.
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