Section 8 companies are set up to support activities like arts, business, science, sports, education, research, social welfare, religion, charity, environmental protection, or similar purposes. These companies are governed by the Companies Act 2013 and are registered as Non-Governmental Organizations (NGOs). A Section 8 company cannot distribute profits among its partners that are earned from charitable activities.
Instead, any profits made from these activities must be reinvested into the company to further its charitable goals. Section 8 companies have to follow the rules and regulations outlined in the Companies Act, 2013. It’s important for them to stay compliant with these regulations set by the government. If a Section 8 company doesn’t keep up with its compliance requirements, it may face penalties from the government.
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