CAN ONE PERSON COMPANY (OPC) CAN CONVERT SECTION 8 COMPANY?
Section 8 means – Section 8 of the Companies Act, 2013 pertains to the incorporation, registration, and regulation of companies with charitable or not-for-profit objectives. It allows for the formation of companies with the purpose of promoting commerce, art, science, sports, education, research, social welfare, religion, charity, or any other useful object. These companies are commonly referred to as “Section 8 companies” or “not-for-profit companies.”
A One Person Company (OPC) is not permitted to be incorporated or converted into a company under Section 8 of the Companies Act. Furthermore, an OPC is restricted from engaging in Non-Banking Financial Investment activities, which includes making investments in the securities of any other corporate entities.
