Start-up Business Benefits from Auditing Bazaar
Section 8 Company / Non Profit Organization
₹29,999
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.
Description
Section 8 Company / Non-Profit Organization
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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