Yes, but not synonymous. It's a type of mutual firm amongst other types, and the distinction between different mutual firms is determined broadly by their governance structures. Some are governed under companies act but typically, though not universally, not having limited liability to losses. So all members are jointly and wholly liable for e.g. lawsuit against the firm. Also the firm is not able to use "Ltd" at the end of its name. There are others "Limited By Guarantee" - i.e. having some form of guarantor(s) who undertake to contribute to losses subject to a maximum amount. Friendly Societies do not come under the companies act, rather governed under different legislation - Friendly Societies Legislation. As you would be aware none of these would have share capital, even if limited by guarantee. Regards
