Section 8 Company / Non Profit Organization - Auditing Bazaar https://auditingbazaar.in The best quality and cost effective legal and compliance services Sun, 26 May 2024 17:04:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://auditingbazaar.in/wp-content/uploads/2023/07/cropped-Siteicon-32x32.png Section 8 Company / Non Profit Organization - Auditing Bazaar https://auditingbazaar.in 32 32 230638473 Section 8 Company / Non Profit Organization https://auditingbazaar.in/product/section-8-company-non-profit-organization/ https://auditingbazaar.in/product/section-8-company-non-profit-organization/#respond Thu, 20 Jul 2023 01:56:49 +0000 https://auditingbazaar.in/?post_type=product&p=42 Non-profit making company is registered under the Section 8 of Companies Act, 2013. The objective behind the incorporation of non-profit making company is to promote science, sports, art, education, research, social welfare, religion, charity and environment protection, etc., where profit doesn’t play any role. It is important to have objects with non-profit motive.

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Non-profit companies  are registered under Section 8 of Companies Act, 2013

An association not for profit must satisfy the following conditions:

  • It is formed for promoting commerce, science, art, religion, charity, sports, education, research, social welfare, protection of environment or other useful objects; and
  • It does not intend to pay any dividend to its members but apply its profit or other income in the promotion of its object.

A company which has been granted license under Section 8 cannot alter any of the provisions of its memorandum as well as the articles of association except with the previous approval of the Central Government.

It may be noted that a Section 8  company shall amalgamate, only with another company registered under Section 8 and having similar objects.

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