According to section-8 of Companies Act, 2013, a section-8 company can be established for promoting commerce, art, science, religion, charity or any other useful object, provided the profits, if any, or other income is applied for promoting only the objects of the company and no dividend is paid to its members.
Section 8 Companies are recognized under various scheme carried on by the Central and State Government for charitable and religious purposes and are given special treatment under the said scheme
As a juristic legal person, a Section-8 company can sue in its name and be sued by others. The partners are not liable to be sued for dues against the LLP.
A Section-8 Company exists as a separate legal entity from your personal life. Both company and person who own it are separate entities and both functions separately.
A Section-8 company gets itself registered under section 80G of Income tax Act. Any person giving donation to such company will be entitled for deduction to the extent of 50% of donation given.
Section 8 companies are not required to pay Stamp duty on registration of Companies as well as on increase of capital. In other words, Section 8 companies are exempted from stamp duty payment.
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