Not for Profit Company
Rs.29,990.00
A Section 8 Company is similar to a Trust or Society; expect, a section 8 Company is registered under the Central Government’s Ministry of Corporate Affairs. Trusts and Societies are registered under State Government regulations.
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Not for Profit Company is defined in Section 8 of the Companies Act, 2013, which pertains to an established ‘for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object’, provided the profits, if any, or other income is applied for promoting only the objects of the company and no dividend is paid to its members, i.e. this company is for charitable or not-for-profit purposes.
A Section 8 Company is similar to a Trust or Society; expect, a section 8 Company is registered under the Central Government’s Ministry of Corporate Affairs. Trusts and Societies are registered under State Government regulations. A section 8 company has various advantages when compared to Trust or Society like improved recognition and better legal standing. Section 8 company also has higher credibility amongst donors, Government departments, and other stakeholders.
The average time taken to complete company formation is about 10-15 working days, subject to government processing time and client document submission. Get a free consultation for Not for Profit Company registration and business startup by scheduling an appointment with a TaxFino Expert.
Benefits
Separate Legal Entity with Perpetual Existence
Limited Liability of Shareholders
Better structure than Trust or Society
Higher credibility among donors, Government departments
and other stakeholders
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