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Which type of entity should I register as?
08-Jun-2023 (In Startup Law)
Hello,
I am planning to launch an App that aims to solve the garbage disposal problem in Mumbai. However, the Startup will also have some " Field work " i.e. I will have to recruit volunteers and we will sort in Dry and wet categories. In addition, I will have to raise funding for some equipment too. Since this is a Non-Profit, I wouldn't earn any money. I am also aiming for CSR and other Foundations to help in funding. Based on all this, which type of Business entity ( Sole Proprietor, Pvt. Ltd., One Person Company, etc. ) should I register my Startup as? I am a single person and not a group.
Any help will be deeply appreciated.
Thanks in advance!
If you wish to start a not for profit entity, I would advise you to register your company as a Section 8 company under the Companies Act 2013.
A Section 8 company has all the rights and powers of a private limited company. But along with that it has certain tax benefits and has to revert all its incomes and profits back to its cause.
Section 8 company is the best option for socially conscious entrepreneurs.
A Section 8 company has all the rights and powers of a private limited company. But along with that it has certain tax benefits and has to revert all its incomes and profits back to its cause.
Section 8 company is the best option for socially conscious entrepreneurs.
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