“Trade association and chambers serve as friends, philosophers and guides to the business community”
Trade association is a voluntary association of traders, merchants and industries, which is established by the members of the business units of a particular trade and industry. Trade association is formed on local or territorial basis. Trade association is formed for the achievements of common purpose or objective.
“A trade association is a group of people in the same industry who come together to achieve common goals and promote their common interests”
- A voluntary association
- Established by the people in the same industry
- Achievement of common goals
- Trade association is a relationship for the mutual business interests.
- It includes the business institutions working in the same field.
- Its participants are individually called member and collectively called association.
- It can be registered from government for the protection of tis rights
- Members of trade association have the option to pay membership fee monthly, semi annually, annually or in lump sum.
- For the conduct of its affairs, members form management, which works with sincerity for the supervision of mutual interests of members.
- Meetings are held from time to time for the analysis of its performance.
- Membership can be cancelled if rules and regulations of the association are not being followed.