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 Organization. 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.
Other than the process of how the money dealt with made as a profit i.e cannot be kept as shares or cannot be distributed among the people who incorporated the actual company, rest of the processes remain the same. For the incorporation of such companies a proper licensing is required from the government’s end. The strictly must follow the rules of promoting the set object and not involve in any activities that might end up profiting the personnel involved in the incorporation.
At Unilex Consultants we provide you a hassle free registration process which would be dealt by our professionals within a time frame of 15-20 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.
Limited Liability plays an major role as if anything happens to the company, the actual members are not affected and only the members who hold on unpaid shares would be liable.
The company would exist in succession fashion as the governmental body treats it as a separate entity in terms of law as irrespective of the current board of members.
In the process of the Non Profitable Organisation the stamp duties are exempted by the government. No stamp duty is payable on the Memorandum and Articles of Association if a company is to be registered under these provisions.
The organisation can enjoy taxation benefits as the actual company does not need to pay tax, instead it falls upon the person who makes the charitable donation to the company for limited liability.
The compliance for meetings, filings are a bit different and are not like how other private and public companies usually functions.
It is not a rule to incorporate the name with the prefix like private limited or public limited, This helps the company to enjoy limited liability without disclosing to the public the nature of liability of its member
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