Procedure for converting non profit company to profit company
27-Oct-2023 (In Corporate Law)
Hi, I have a section 8 company which is not for profit. I have donations/grants from individuals which I have used for the cause & have no fixed assets (property/machines etc.) I also have database of individuals who are registered on Not for Profit cause (while being a Section 8 Company) & Brand Name of the Not for Profit. What would I have to do to change it from Not for Profit to For Profit Thanks
You can convert the section 8 company into a normal company as per the rules mentioned in the Company Rules. You have to pass a special resolution for the same wherein you will state the reason and then you have to initimate about the same to MCA. All the required filings related to this are supposed to be done on the website of MCA.
For further details and timeline required to complete this process consult the advocate who is on your panel or reach out to us we will help you out.
For further details and timeline required to complete this process consult the advocate who is on your panel or reach out to us we will help you out.
Your company would be required to obtain the approval of the shareholders prior to such conversion and a special resolution is required to be passed. The procedure for conversion is a tedious process. Please feel free to contact us if you need any assistance.
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