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An NPO/NGO can be formed for promotion of any useful object like sports, education, research activities etc. The term No Profit does not mean that the Company cannot generate profit or income, but it essentially means applying the income for further promotion of the object and not for distributing it to the promoters.
It means that the Company can earn profits but the promoters cannot be benefited out of those profits.
We at ebizfiling will make it easy for you to constitute a Non-profit organization with end to end help from our professional team.
Few points to make your
As non-profit organization
As section-8 Company
Activities of NPO
Promotion of commerce and social welfare
Promotion art and education
Tax deduction to donors.
Income tax benefits u/s 80G
Stamp duty exempted
No requirement of minimum contribution
Requirement of Suffix
Exempt from using ‘Private Limited’
Exempt from using ‘Limited’
A small procedure for your
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What is Sec. 8 Company? (Earlier Known as Section 25 Company)
A nonprofit organization in India can be registered as a Trust or as Society under the Registrar of Societies as a private limited nonprofit company under Section 8 of the Companies Act, 2013. Earlier, this Section 8 was popularly known as Section 25 of the old Companies Act, 1956.
For what objectives Section 8 Company can be incorporated?
Section 8 Company can be incorporated to promote commerce, art, science, research, sports, social welfare, education, charity, religion, protection of environment or any such object. The condition is that such a Company should use its profits (if any) for promoting its objects and should not pay any dividends to its members.
Is taking license mandatory for a Section 8 Company?
Yes, taking license for section 8 company is mandatory.
How much capital is required?
As per Companies Act, 2013, there is no such restriction regarding capital to incorporate a company. This limit can be increased at any stage of the business in future as the business grows.
What is the minimum and maximum limit of directors to incorporate a Section 8 company?
Minimum two directors are required if incorporated as private limited and minimum three directors are required if incorporated as a public limited company. Maximum there can be 200 members if incorporated as private limited, but if incorporated as public limited there is no limit as such.
What are the benefits associated with the Section 8 company?
There are many privileges and advantages under the Company Law to Section 8 companies.