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Section 8 Company
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Caption

For the development of art, science or any other useful object, a company can be organized after obtaining a section 8 license from the central government. The license is permission to delete private Limited from the proposed name.

Section 8 Company

Our government is under a lot of pressure to ameliorate the conditions within the national legislation. However, due to many factors, the central government cannot address each and every issue simultaneously and this creates a space for specific organizations that assist the government working for the well-being of society. Such organizations are known as nonprofit organizations or non- government organizations. Widely known as Section-8 companies, these organizations are registered under the Section-8 of Companies Act 2013. These companies intend to promote art, commerce, sports, safety, science, research, healthcare, social welfare, religion, protection of the environment, etc. The main object of these companies ensures the promotion of the above-mentioned fields, provided the profit is used for promoting only objects of the company (Sec 8(1)(b)).

Advantages

While some critics frown on the use of government funding for public housing assistance, the Section 8 program has its advantages :

 Reduced Poverty Rate : With the high cost of finding an apartment for rent, many low-income families end up spending the majority of their income on rent. With assistance from the Section 8 program, a smaller income can stretch further and families can do more with their budget. In turn, this helps families climb out of the poverty cycle, reducing the U.S. poverty rates as a whole.

 Reduced Crime Rate : Some traditional public housing facilities, especially in urban areas, become breeding grounds for crime. Placing tenants in privately owned rentals keeps families out of danger and reduces overall crime rates.

 Increased Opportunities : Families who participate in Section 8 housing programs are frequently able to move out of impoverished areas and into neighborhoods with better school systems and increased job opportunities.

Eligibility

 To incorporate a Section 8 company a minimum of two persons are required over the age of 18 years with at least one person being an Indian citizen and resident.

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