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It is a non-profit organization (NPO) which is formed with the objective to promote commerce, arts, science, sports, education, research etc. The profit of such types of companies are applied towards the furtherance of their cause and no dividend is paid to any of their members.
Names to be included
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The words such as Association, Chamber, Council, foundation, federation, confederation and the like is to be included in the name of section 8 company.
Basic Mandatory Compliance
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Section 8 company can also be incorporated as a company limited by guarantee i.e. without share capital.
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It is also exempted from stamp duty registration.
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