Business Description
Section 8 company is a type of company is meant for non-profit organization and it is directly link to society and their well-beings and provides a better platform for society and community. Incorporating a section 8 company means to get a various types of advantages and exemption for it.
Key Benefits:
• Many privileges and exemptions under Company Law.
• Exemption of Stamp duty for registration.
• Registered partnership firm can be a member in its own capacity.
• Tax deductions to the donors of the Company u/s. 80G of the Income Tax Act.
• Without Share Capital: These companies can be formed with or without share capital, in case they are formed without capital, the necessary funds for carrying the business are brought in form of donations , subscriptions from members and general public.
• Not Required To Add The Suffix: Section 8 Companies are not required to add the suffix Limited or Private Limited at the end of their name. This helps the company to enjoy limited liability without disclosing to the public the nature of liability of its members.
• Easy Transferable Ownership: The shares and other interest of any member in the Company shall be a movable property and can be transferable in the manner provided by the Articles, which is otherwise not easily possible in other business forms. Therefore, it is easier to become or leave the membership of the Company or otherwise it is easier to transfer the ownership.
