FAQ's
Section 8 Company is created by those who do not wish to earn profit from the business but rather they want to dedicate themselves to improve a certain segment of the society.Learn More
Section 8 Company is better than Trust and Society,Because it has the more existence than Trust and Society.
- 1. Tax benefits
- 2. No Stamp duty
- 3. Creditability
- 4. No Minimum Capital Requirement
- 5. Limited liability
- 6. Name
No, Rule 3(6) of the companies act-2014 prohibits one person company to in securities in body corporate.
Yes, a Limited Liability Partnership Company and One Person Company become a member of Section-8 Companies.
Yes, a Section-8 company required obtaining the commencement of business through INC-20A.
Yes, they need to file INC-20A and deposit the shareholding amount in the Company’s bank account within 180 days from its incorporation.
Yes, subject to the compliance of applicable of RBI Act.
Yes, by passing the special resolution and need to approve by Registrar of Companies.
- 1. Annual compliances of Section 8 Company under Companies Act, 2013 are complex as compared to societies and trusts where there are minimal compliances.
- 2. Profit or income of the Company is applied for the promotion of the main object only.
- 3. Declaration of dividend or distribution of profit to the members is not allowed.