Company Act 2013 is an act according to which the companies in India are to be regulated. The act has 29 chapters containing 470 sections. It replaced The Companies Act, 1956 after getting the approval from the President of India in 2013. Section 8 Company is a part of the Companies Act, 2013, which concerns to an established company ‘for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other 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. Therefore, Section 8 Company is a company registered under the Companies Act, 2013 for charitable or not-for-profit purposes. A Section 8 Company is similar to a Trust or Society.
When an investor sets-up a business in India, whether it is an organisation, project office or a company, that business needs to comply with Indian rules and regulations. To legally operate, businesses must abide with certain requirements regarding the company’s transactions, employees and safety procedures. Before launching one’s business, they should know the appropriate regulations for the industry while making sure to keep a log of any costs and dates related to their compliance. The definition of compliance includes efforts to ensure that organizations are abiding by both industry regulations and government legislation.
The laws by which the companies regulate are:
- Corporations have strict internal requirements, which consist of forming a board of directors, conducting initial and annual director meetings, creating and updating bylaws, providing stock to shareholders and transcribing all stock transfers. Internal requirements are Read More
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