A Section 8 company is registered as non profit organisation, established for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object. As per section 8 of Companies Act 2013, where it is proved to the satisfaction of the Central Government that a person or an association of persons want to register themselves under section 8 as a limited company for the furtherance of above mentioned objects, the Central Government may, by licence issued in prescribed manner allow that person or association of persons to be registered as a limited company under this section without the addition to its name of the word "Limited", or as the case may be, the words "Private Limited", and thereupon the Registrar shall, on application, in the prescribed form, register such person or association of persons as a company under this section.
A section 8 Company needs a minimum of two trustees, there is no upper limit to the number of trustees. The Board of Management is in the form of a Board of directors or managing committee. A section 8 company has various advantages when compared to Trust or Society like improved recognition and better legal standing. Section 8 company also has higher credibility amongst donors, Government departments and other stakeholders.
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