The main purpose of registering a business as a Part 8 business is to promote non -profit purposes such as goods, trade, arts, charities, education, religion, environmental protection, social welfare, sports research, etc.
To enter a section 8 company, a minimum of two directors is required. In addition, there is no minimum paid -up capital requirement in the case of Article 8 companies.
In India, a non -profit organization can be registered with the Registrar of Companies or as a non -profit company under section 8 of the Companies Act 2013.
Company profits, if any, are used to advance the company’s goals and are not distributed in the form of dividends to shareholders.
Article 8 of the Company is the same as Article 25 of the old Companies Law 1956. In accordance with the new Companies Law 2013, Article 25 is now Article 8.
An individual or a group of individuals may apply for company registration under section 8 if they have the purposes stated above. The target will be confirmed to the satisfaction of the central government.
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