The main purpose of a limited liability company is to make profits and when they feel that they should be predetermined the profit motive is when members of a company decide to convert into a Section 8 company (NGO). In this article, we will discuss a step-by-step analysis of the conversion of a limited liability company into a section 8 company.
Many times the Company or its Board members decide to turn their profit motives towards Samaritans as they feel it is their responsibility to give something back to the community in which the Company operates. A company can achieve these objectives by transforming its Company into a Class 8 company.
Promoters will apply for the retention of the Company's proposed name and state ROC where the proposed company should be built on E-Form RUN with the prescribed fee.
Now, an individual or organization of persons seeking to convert into a Section 8 company must apply under E-form RD-1 and the fee prescribed to the registrant for licensing under Company 8 of the 2013 Companies. The above application will be accompanied by the following documents:
The conversion company will issue a notice on Form Inc 26 for its expenses within a week from the date of filing. This notice shall be published in the same local newspaper in the principal where the registrar's office will be located or proposed in another English newspaper in the region and on the websites as will be notified by the Central Government;A copy of the above published notice will also include the Registrar immediately after publication.
The Registrar may promote the applicant to give approval or consent to another Authority, Governing Body and the CG Department or SG. as it can decide whether the license will accept or not approve.The license will be in Inc-16 or INC-17 form. The Registrar may direct the company to include in its memorandum, or in its text, or in part or in part, such license terms as may be specified by the Registrar.
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