Section 8 Company
Section 8 company is a Corporate Entity registered under the Companies Act, 2013. It is similar to the Trust and Societies as established under the relevant act. Such companies are formed for promotion of various social initiative and are not intended to make any profit on their activities. Further, the surplus if any from the operations are intended to be utilized for social and charitable purpose of such entity as incorporated in their Memorandum and Articles of Association of the such company.
How to Form a Section 8 Company – Documents Required
- Directors Identification Number
- Digital Signature Certificate of the Proposed Director(s)
- Application for Name Approval
- Incorporation Documents along with Proof for Proposed Place of Business
- MOA / AOA of the company
- PAN Card of Section 8 Company
- Statutory Registration e.g. MSME/GST/TAN etc.
- Open a Current Account in the name of the company
- Start Doing Business
Benefits
- No Income Tax as Profits are exempt in view of charitable objective of the company
Dis-Advantages
- The Entity can only be formed for charitable or social purpose and can not engage themselves in any commercial activity.
Ideal for Whom
- Public Welfare or social work like Commencement of Ventures like School, Colleges, Hospitals etc.
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