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A company that operates without the intention of turning a profit is classified as a Section 8 company. Its main goals are not-for-profit and charity. Because they are registered under Section 8 of the Companies Act, 2013 (formerly Section 25 of the Companies Act, 1956), this kind of company is known as a Section 8 Company.
A Section 8 corporation is a not-for-profit kind of organization, in contrast to other legal structures like Partnership Firm Registration, Private Limited corporation, LLP, etc., which are primarily focused on turning a profit from the business.
According to the Companies Act, 2013, a Section 8 company is the one whose main objective is the promotion of fields such as social welfare, education, environment protection, research, arts, science, sports, commerce, religion, charity and other similar objectives. This type of company uses its profits towards the fulfillment of its cause and does not pay any type of dividend to its members.
Confederation of Indian Industries (CII) & Federation of Indian Chambers of Commerce and Industry (FICCI) are some of the famous examples of Section 8 Companies. These companies have the main objective of facilitating the growth of trade & commerce in India. We, at ExpertsAdvice , can help you in Section 8 CompanyRegistration.
The existence of such companies is based on the license granted to them. The 3 main conditions are as follows:
These businesses are prohibited from doing anything by the license. Even their Memorandum of Association (MoA) and Articles of Association (AoA) cannot be changed without the Central Government’s approval.
A Section 8 company has the following distinct features that other types of companies do not have:
Non-Profit Objective:
Formation:
Name:
Limited Liability:
Transferability of Ownership:
Dissolution:
Grants and Donations:
Tax Benefits:
A Section 8 Company enjoys the following privileges:
Any individual, NRI or even foreign national can become a director in a Section 8 Company. He/she must have to qualify the following criteria:
Yes, an NRI or Foreign National can be a partner in the Section 8 Company.
Unlike other types of companies, a Section 8 Company does not have the minimum share capital requirement.
In addition to Individuals and Associations of Persons, Section 8 of the Companies Act, 2013 also allows firms to be members of these types of companies. Any individual, company or NRI can also become a member of a Section 8 Company.
Yes, one can be a partner in an LLP, Director of a Private Limited Company or OPC even if he is already employed. There are no such restrictions. However, you must ensure that your employment agreement does not contain any restrictions for you to become a Director of any company or a Partner in an LLP.
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