Section 8 company status: corporate non profit structure requiring profits to fund objectives and specific licensing before incorporation.
Section 8 companies are corporate vehicles formed to promote charitable, educational, scientific, cultural, environmental or similar non profit objectives and must apply all profits solely to those objectives without distributing dividends to members. As a Section 8 company the entity acquires a separate legal personality with limited liability, perpetual succession, capacity to hold property and enter contracts, and eligibility for certain exemptions; registration requires DSCs, DINs, name reservation, MOA/AOA, Form INC 12 for a license, and subsequent incorporation filings, while tax and GST compliance follows statutory procedures. (AI Summary)