Famously known as Section 8 company is a company enrolled with beneficent articles like the advancement of Arts, business, science, instruction, sports, security of the climate, religion, noble cause, and so forth By advancing it as a not-for-benefit association, the Act doesn’t ban the company from benefit creation but instead restricts conveying benefit among individuals. This says that all the pay or benefit from any action of the company should be used towards beneficent reason for which it is enrolled.
The magnanimous company is enrolled under Section 8 of the Companies Act, 2013, which gives it exceptional status because of its articles. Contrasted with different sorts of organizations, Section 8 company appreciates different exclusions and relaxations.
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