Section 8 company is a concept that combines the help of a NGO and a Corporate. It provides an another to the promoters to progress the idea of Social cause upon a much larger scale. Giving NGO a corporate form has various benefits greater than the grow old which can be en cashed by incorporating a Section 8 Company.
We have incorporated several Section 8 companies in Saligpur which are working in various fields for the welfare of public at large. Our inclusion service includes Name Selection, Memorandum Drafting and Company Registration. We manage to pay for our clients best in class services appropriately that they are not terrified with any non agreement during the initial stages of there growth. In Saligpur we take a maximum of 10 days grow old to incorporate a Section 8 Company.
WHAT IS SECTION 8 LICENSE?
Generally declare of a company ends similar to word Limited or Private Limited, but Companies Act, 2013 provides for a license below Section 8 to the companies in force in the social welfare and marketing of Arts, Science, Commerce, Education, Literature etc to have there name not stop with the word Limited or Private Limited. These organizations are called as Non-Profit Organizations and there name may decrease with words subsequently Association, foundation etc.
What is a Non-Profit Organization (NPO)?
An management which instead of distributing its surplus/profit among its members, applies the same in the fulfilment of its objects. That is they are not allowed to distribute any child maintenance in the form of dividend or gain sharing. Company registered under Section 8 is a Non Profit Organization
Is Section 8 company Public company or Private Company?
Section 8 Company can be incorporated both as a public as skillfully as private company.
- A minimum of 2 members are required if the company is incorporated under the definition of private company and a minimum of 7 members shall be required if the company is incorporated below the definition of public company.
- An OPC (One Person Company) cannot apply for License below Section 8
DONATION:
A company incorporated below Section 8 can take donations from public subject to applicability of new rules and regulations and certification form the Memorandum of Association.
If the Section 8 Company is incorporated under the definition of Public Company it can also amass members and take membership progress from such members.
Can a Section 8 Company apply for 12A and 80G Registration?
A Section 8 company like further NGO can apply for 12A and 80G registration in imitation of Income Tax Department.
CONVERSION FROM OR INTO SECTION 8 COMPANY:
Any company below the definition of Public or Private company can apply for license under Section 8, and the Ministry of Corporate Affairs can after due declaration of documents and keeping in view all the formalities, issue license below section 8 of the Act.
Likewise a company registered under Section 8 can convert itself into Public or private Company.