PRODUCER COMPANY REGISTRATION PROCESS
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In India, around 60% of population depends on agricultural activities for their livelihood. But, farmers and primary dealers have had a long struggle in India. In the chairmanship of Dr. YK Alagh, they have introduced a producer company concept that allowed primary producers to organise themselves to gain a maximum profit from the market oriented economy.
A producer company is basically a legally recognized body of farmers/ agriculturists with the aim to improve the standard of their living. Producer company objects or activities specified in Law and categorized in following manner:
The producer company has a separate legal entity. The company can deal in its own name and own the properties. The Directors/members of a producer company have no obligation to the lenders of a producer company.
Income tax act does not essentially provide any tax benefits to the producer company but if there is kind of agricultural activity carried out, 100% deduction to the companies is applicable if they are registered as a producer company.
Initially, the member of the producer company will receive a produce pooled together. This amount will be given out later in the form of cash/ kind/ equity shares.
Individuals are the members of Producer company, in need they get financial support time to time. Hence, a special provision under the companies act was passed for giving loans to producer members.
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