Section 8 Not For Profit Company (Foundation)

Factors to register for Foundation/Section 8 Not for Profit

Section 8 of the Companies Act, 2013 states that:- “ Formulation of companies with charitable objects, etc.— (1) Where it is proved to the satisfaction of the Central Government that a person or an association of persons proposed to be registered under this Act as a limited company has —
(a) In its objects the promotion of Commerce, Art, Science, Sports, Education, Research, Social Welfare, Religion, Charity, Protection of environment or any such other object,
(b) Intends to apply its profits, if any, or other income in promoting its objects and
(c) Intends to prohibit the payment of any dividend to its members,”

A Section 8 Company is similar to a Trust or Society. A section 8 company has various advantages when compared to Trust or Society like:-

  • Improved Recognition and Better Legal Standing.
  • The Section 8 company also has Higher Credibility amongst Government departments, donors and other stakeholders.
  • Tax benefits: They are also given numerous other deductions and other tax benefits. They avail benefits under section 80G of the Income Tax Act, 1961 (after necessary approvals). They also are required to pay less stamp duty as compared to other organizations.
  • Minimized Share Capital: Unlike the other limited companies the companies registered under section 8 doesn’t require much share capital. They can be directly funded from subscriptions or donations made to them.
  • Use of title: Unlike the other companies, who have to use the title as ‘limited company’, section 8 company are exempted from the use of any suffix or title, they can still exercise their functions without informing the public of their limited liability status.
  • Ease at Transfer of title/ownership: Unlike the limited liability companies who are not allowed to transfer the title or ownership, but in section 8 company transfer of title or ownership of both movable and immovable interest can be done without any hurdles or restrictions of any sort.

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