A formal group has specific members assigned to the group. A formal group also has a clear objective to work towards when they meet.
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Formal social groups influence us in a lot of ways. For instance, our families and political parties influence our values and what we believe about society.
Informal groups are not made by the management but get made on their own inside an organization because of constant interaction between members. Formal groups are groups with roles and responsibilities for those within, such as a church.
Many people work in established organizations, which form part of the formal sector. Some of the advantages are that you will get a regular income and certain employment benefits such as medical aid coverage and contributions to a pension scheme.
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A formal organisation structure shows a recognisable chain of command, it also has many levels of management. This make comunication slower and decision making harder to implement. An informal structure is much more relaxed, with very few levels of management. This makes comunication much easier between levels and decisions anr made faster. Hope that helped!