A section 8 companies is established in order to encourage and nourish the act of arts, commerce science, sports, education, research, social welfare, religion, charity, protection of environment or any such other objective. The Section 8 companies fall under the Companies Act 2013 which would be registered as an Non Governmental Organisation. A company registered as Section 8 company cannot share profit made as a result of the charitable activities between its partners. The profit made during the functional part must be invested back into the company to promote trust and non profitable activities to give back. There can be several reasons for closing a non profit organisation it may range from not reaching the resources for accomplishing the goal, Members are not interested in the root cause with which the company was established to merger with another NGO. The above are only certain cases for closing a Section 8 Company. The primary Catch is that closing a section 8 company is not that easy as the licensing is represented in terms of Non profit Licensing system, hence there is procedure involved in surrounding the license. First the company needs to be converted into any of the closable company licensing format and then the closure can be done. At Unilex Consultants we provide you a hassle free dissolving process for Section 8 Companies which would be dealt by our professionals within a time frame of 30-40 working days and is subjective to governmental processing time. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.
In case of the goal being obsolete, the members of the board can concentrate on new goals.
Sometimes a Section 8 Company closes as it might get acquired by other NGO or greater cause Companies.
The remaining assets in the name of the company can be used to pay of any debts remaining during the closure of the NGO company.
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