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Any person or association of person with the intention to promote charitable objects etc. can register a section 8 company under Company Act, 2013. The main objects of a Section 8 company is to promote charitable objects like promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment etc. Section 8 Companies are not required to add the suffix Limited or Private Limited at the end of their name. These companies shall include the words like – Foundation, Forum, Association, Federation, Chamber ,Confederation ,Council, Electoral trust and the like etc.
The profit of Section 8 companies are applied towards the furtherance of their objects and no dividend is paid to any of their members. The incorporation certificate is obtained from the Central Government and are liable to adhere to rules laid by the government. Also, it takes only 15-20 days to register a section 8 company and the entire registration process is online based.
Section 8 Company :
As per Section 8 of the Companies Act, 2013, Any person or Association of person can register a section 8 company provide the following conditions are satisfied.
Some of the key characteristics of a Section 8 Company are as below
1. Charitable Objects
The primary purpose of a Section 8 company should be to promote charitable objects which includes in the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment etc.
2. Shareholders/Members
Shareholders are the owners of the company. Minimum of 2 member in case of private limited company and 7 members in case of public limited company are required to form a Section 8 Company.
3. Directors
Directors are appointed by the shareholders to govern the affairs of the company. There is no minimum directors required for a section 8 company. Maximum Directors allowed is 15. At least one Director should be an Indian citizen. The Directorship in Section 8 companies shall not be counted for the overall ceiling of number of directorships a director can hold at any point of time.
4. Use of Suffixes
Section 8 company shall include the words like – Foundation, Forum, Association, Federation, Chamber, Confederation, Council, Electoral trust and the like etc. The name shall not include “Private Limited†or “Limited†as the case may be.
5. Share capital
There is no requirement for Minimum share capital in case of Share capital. A Section 8 company can be incorporate with or without share capital as well.
Share
A share represents a unit of the ownership in a company. In other words, if you are a shareholder of a company, you hold a percentage of ownership of the said company in proportion to share you have subscribed or bought.
Shareholders/Members
Every person holding a share certificate is called a shareholder/member of the company. The shareholder’s name is entered in the Register of members maintained by the Private Limited company
Memorandum of Association
Memorandum of Association is the Charter/Constitution of the company. It defines the objects of the company both primary objects and incidental objects for which the company is formed. It also includes details related to Capital, Name, Registered office, Authorised capital, Liability clause. The shareholders approve and sign the MOA on Incorporation which is called subscribing to MOA.
Articles of Association
Articles of Association are bye laws of the company that govern the internal management and conduct of the business of the company. AOA is part of the MOA and is governed by the MOA of the company. It regulates the relationship between the company and its shareholders, as well as between the shareholders itself.
Share capital
Share capital refers to the amount invested in the company for carrying its stated operations.
Authorised Share capital
It is the Maximum amount of capital for which shares can be issued to its shareholders. It is mentioned in the MOA under Capital clause.
Paid-up capital
It is the actual amount of Shares issued to its shareholders and the money has been received from the shareholders. Paid up share capital is the subset of Authorised capital
Director Identification Number
A DIN is a unique identification number allotted to an Individual who is appointed as Director of a company.
Company Identification number
A Company Identification number (CIN) is a 21 digit alphanumeric unique number assigned by the Registrar of Companies (ROC) for every company registered in India. Every company has to mandatorily mention the CIN in their business correspondences and official publications.
Digital Signature Certificate
Digital Signing Certificates (DSC) are the digital equivalent to physical identification certificates such as driver license, passport or membership card. Just like the physical certificates serve as proof of identity of an individual for a certain purpose .A digital certificate can be presented electronically to prove one′s identity and sign certain documents digitally.
Share Certificate
Share certificate is issued by the Company on allotment of shares. It evidences the title of the person to such shares. It has to be issued within 2 months from the date of incorporation.
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