Section-8-Company


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Section 8 Company (Non-Profit Organization)

OVERVIEW

In the realm of corporate entities driven by a social mission, Section 8 Companies stand out as beacons of altruism and social responsibility. These organizations, governed by Section 8 of the Companies Act, 2013 are dedicated to promoting charitable, educational, scientific, or other socially beneficial objectives. Let's explore the registration process, documentation requirements, and the myriad benefits of establishing a Section 8 Company.

DEFINITION

A Section 8 company is a company registered under Section 8 of the Companies Act, 2013. It is a non-profit organization that has the following objectives:

To promote arts, commerce, science, research, education, sports, charity, social welfare, religion, environmental protection, or other similar objects.
To apply its profits, if any, or other income in promoting its objects.

Benefits of Section 8 Company

Tax benefits: Section 8 companies are eligible for tax exemptions under Section 80G of the Income Tax Act.
No minimum share capital: There is no minimum share capital requirement for a Section 8 company.
Separate legal entity: A Section 8 company is a separate legal entity from its members.
Perpetual existence: A Section 8 company has perpetual existence, meaning that it will continue to exist even if its members die or leave.
Increased credibility: Section 8 companies are subject to stricter regulations than other types of non-profit organizations, which can increase their credibility.

Features of Section 8 Company

Non-profit motive: The primary motive of a Section 8 company is not to earn profit, but to promote its objects.
No dividend distribution: A Section 8 company cannot distribute any dividends to its members.
Limited liability: The liability of the members of a Section 8 company is limited to the amount they have contributed to the company.
Government license: A Section 8 company requires a license from the Central Government to operate.
Restrictions on alteration of memorandum and articles of association: A Section 8 company cannot alter its memorandum or articles of association without the prior approval of the Central Government.
Restrictions on winding up: A Section 8 company cannot be wound up without the prior approval of the Central Government.

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