A co-operative or community benefit society (CCBS) (previously known as an industrial and provident society, or IPS) is a body corporate with limited liability that may be used by organisations to conduct a business either as a co-operative society, operating for the mutual benefit of its members, or as a community benefit society, conducting business for the benefit of a community. This Practice Note summarises the legal framework, the structure and the process of registration for such societies. It also refers extensively to the finalised FCA guidance relating to registered societies, with sections considering governing rules, share capital, name, transfer of engagements, conversion, amalgamation, dissolution and winding up. What is a co-operative or community benefit society? A co-operative society or community benefit society (previously known as industrial and provident societies) (a registered society, or alternatively, a society) is a body corporate with limited liability that can be used by organisations to conduct a business either as a co-operative or for the benefit of a community. There are two categories of registered society: • co-operative societies,