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NON PROFIT COMPANY
With the ever changing scenario of business environment, many business forms have emerged out. Since ages, when the history of corporate Law was very mature in India, the idea of incorporating a non-profit making company started prevailing in the business community.
A non profit organisations can be registered in India as a Society, under the Registrar of Societies or as a Trust, by making a Trust deed, or as a Section 8 Company, under the Companies Act, 2013..
Eligibility for forming Section 8 Company
A person or an association of persons intending to be registered under Section 8 of the Companies Act, 2013 as a limited company –
(a) the object must be charitable, to promote arts, science, commerce etc.
(b) intends to apply all its profit in promoting the objectives.
(c) Assures the prohibiting of the payment of dividends to any of its members
Section 8 Companies can be registered with names that contain words like Association, Foundation, Society, Council, Club, Charities, Institute, Academy, Organisation, Federation, Chamber of Commerce and more.