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Group Description: Description of the group meant for admin use. The description is shown while adding new fields in the groups at Fields Settings tab.
Display group at BuddyPress Profile: Admin can disable group at any point of time and the group will be available to members for filling data. The setting lets admin select whether he/she wants to make group available to members.
On the right side of the Group Settings page, an Add New Group form is provided using which a new group can be created easily.