Private to Section 8 Company

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Private to Section 8 Company in Jaipur

 

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.

 

Benifits

  1. The right and exemption in terms of the Companies Act 2013
  2. There is no responsibility for the registration process
  3. Tax deductions under Section 12A and Section 80G of income tax on the organization's organization and donors.

 

Process

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.

  1. Application for Name Preservation

    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.

  2. Application for conversion to E-form RD-1

    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:

    • Attach Form-Inc-12 and form RD-1
    • Memorandum for the Association of Association proposed by the company as the form is INC 13.
    • Draft Bill of Companies Proposed
    • A declaration made by an attorney or a Chartered Accountant or Cost Accountant or Company Secretary acting on Form INC-14 confirming that the MOA and AOA of the proposed company comply with the provisions of section 8 of the Act and the provision of the letter. Take the law and rule as to whether the registration is fully compliant.
    • Financial statement, Board report, Audit Report of a private company within two years prior to the request being made or one year if the company has been active for only one year.
    • A statement showing details of the assets and liabilities as of the application date or 30 days prior to the application.
    • Estimated annual income and expenditure for the proposed company for the next 3 years, specifying income sources and raw materials.
    • A copy of the certified certificate of decision passed by the Company's General Assembly and Board Meeting to be converted into Article 8.
    • Declaration under Form INC 15 from each applicant.
  3. Notifications in Conversion Newspaper

    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.

  4. Issue of License Registration

    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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