The Zubeen Project

Objectives:

Structure Of the Company :

Create a Section 8 company to make the organization sustainable. This is a nonprofit company with structure like a private limited company
Need two executive directors, and few non executive directors. Any one can be director since it is a nonprofit organization.
We will bring in more then one person of repute from Assam as non executive directors.
We will bring in few Music Industry Experts on the board to support to the Business Incubation center.
We will issue shares to people who wants to be part of this organization
We will do some revenue generation activities by publishing books, doing research and conducting seminars etc.
Since it is a section 8 company we will be allowed to do fund raising , through donation, CSR funding, government subsidies, and investment from individuals.

Features of Section8 company :

A Section 8 company comprises of the following distinct features that most other kinds of
companies do not have:
• i. Charitable objectives: Section 8 companies do not aim to make profits. Their objectives are
purely charitable in nature. They aim to further causes like science, culture, research, sports,
religion, etc.
• ii. No minimum share capital: Section 8 companies, unlike all other companies, do not require a
prescribed minimum paid-up share capital.
• iii. Limited liability: Members of these companies can only have limited liability. Their liabilities
cannot be unlimited in any case.
• iv. Government license: Such companies can function only if they have the Central Government’s
license. The Government can revoke this license as well.
• v. Privileges: Since these companies possess charitable objectives, the Companies Act has
accorded several benefits and exemptions to them.
• vi. Firms as members: Apart from individuals and associations of persons, Section 8 also allows
firms to be members of these companies.

Immediate Task:

Subscribe for updates and news