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Section 8 Company

Not For Profit (Formation of Companies with Charitable Objects, etc

Any association desirous of being incorporated as a company with limited liability, without the addition of word "Limited" or the words "Private Limited" as the case may be shall make an application electronically to the Central Government on behalf of such company/proposed company as the case may be, for grant of licence under section 8 of the Companies Act, 2013.

Central Government is satisfied that:—

(a) the object for which the company is proposed to be formed or already formed is to promote commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object;

(b) Profits, if any, earned in carrying out the object and other income are proposed to be applied only for promoting its objects; and

There are two Class of Company in which a Section 8 Company could be formed as private limited and public limited, incorporated as limited by shares or limited by guarantee as the case may be.

COMPANIES LIMITED BY SHARES

Section 2(22) of the Companies Act, 2013 provides that a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them is a company limited by shares.

The liability of each member of such company is limited to the unpaid amount of shares and premium, if any, held by him.

COMPANIES LIMITED BY GUARANTEE

Section 2(21) of the Companies Act, 2013 provides that a company having the liability of its members limited by the memorandum to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up is termed as a company limited by guarantee.

Such a company by way of undertaking in its Memorandum of Association restricts the liabilities of its members to a certain fixed amount, for payment of the debts and liabilities of the company in the event of winding up. The members are liable only for the amount contracted before he ceased to be a member or payment of the debts and liabilities within one year after he ceased to be a member.

Restriction on section 8

Section 8 Company cannot incorporated as small company, one Person Company (OPC) and an unlimited company

A section 8 company registered shall not alter the provisions of its memorandum or articles except with the previous approval of the Central Government.
A section 8 company registered shall not amalgamate with any company except with another company registered as section 8 companies and having similar objects.

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