Why register a section 8 Company?
Section 8 company can be registered for charitable purpose. Section 8 companies are just like as Trusts and Associations. A Section 8 company is registered as Non-Profit organization (NPO). It’s domains like education, science, arts, religion, sports, research, welfare and any other, which is promoting their objects. TheTaxTellers will help you to check Section 8 company name availability and will register a Section 8 Company in India.
For section 8 company registration, at any corporate, there should be minimum 2 persons are required, from one of them should belongs to Indian citizen and age must be over 18 years.
Section 8 Company Registration:
As we already mentioned above, A non-profit organization(NPO) are comes under section 8 company, it can be also registered as trust or as a society, which comes under the Registrar of Societies, or we can say in other terms as a NPO under Section 8 Company of the Companies Act, 2013. A section 8 company is same as Section 25 Company and also under the old Companies Act, 1956. Under the new Companies Act 2013 has now become Section 8, which was previously under Section 25.
As per Section 8(7) of the Companies (Incorporation) Act, 2014, for the Companies under Section 8 of the Act, the name shall include the words foundation, Association, Chambers, Federation, Council, Electoral Trust etc.
As per Section 8 (1a, 1b, 1c) of the Companies Act, 2013, a Section 8 Company has been registered for the “Promotion of arts, science, sports, education, social welfare, charity, commerce or any other things”. Section 8 Company promotes a public cause and proceeds generated by the entity must be used to support public cause only.
Section 8 Companies functions just like a limited company including all the rights and accountability that come with such a company. However, we can say its name as “Limited Company”, in place of Section 8 Company.
We, TheTaxTellers will help you to understand all the aspects of Section 8 Company, after that you can register a Section 8 Company.