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setting up a community interest company

Like all other limited companies, CICs must comply with company law as well as other specific legal requirements. Community Interest Companies (CICs) are limited companies that exist to provide benefits to a community, or a specific section of a community. Co-operative. Most ordinary companies, even those that provide benefits to the community, are set up and run mainly for the benefit of their own members and employees. But there are a number of complex HR challenges, as Lance Hobbs explains. A Community Interest Company must be set up and run for the benefit of the community. We can set up an automatic transfer to move money between accounts, to maximise your spare funds; Any balances over £85,000 are not covered by the Financial Services Compensation Scheme Guidance on setting up a Community Interest Company (CIC) Factsheet 11: Social enterprise – Social enterprises are businesses which have a clear social and/or environmental mission, which generates the majority of their income through trade and reinvest the most of their profits to tackle the problems they were set up to address. The Community Directplus account provides Registered Charities, Community Interest Companies, Co-operatives and Credit Unions an ethical way to bank for free. Available since 2005, there are now over 3,100. Setting up … 8.1.2. But there are a number of complex HR challenges, as Lance Hobbs explains. Category: Leading your organisation . The following structures are incorporated: Charitable Incorporated Organisation; Company limited by guarantee (including Community Interest Company) Community Benefit Society; Cooperative Society Annual reporting requirements A community interest company (CIC) is required to prepare and deliver annually, to the Registrar of Companies: • accounts; • a CIC Report with a £15 filing fee (see Chapter 4); • an Annual return with a £15 filing fee (see Chapter 8.2 below). A Community Interest Company (CIC) is an enterprise set up to make a profit for the benefit of the community. Setting-up of a community interest company vs. charitable company: often, a business with a philanthropic purpose stands to gain a considerable advantage by using a community interest company (CIC) or charitable company structure. Customer Donation Fund. Using GoRaise is simple for CIC’s and it makes fundraising easy. You also need to include a community interest statement which must be approved by the CIC regulator at the time of incorporation. CICs first appeared in 2005 and were designed to address the lack of non-charitable businesses or community-based companies. CICs were developed to address the lack of a legal vehicle for non-charitable social enterprises across the UK. Unincorporated association. Check your proposed company name in the company name availability checker. Legal structures for social enterprises. It offers free monthly statements to help monitor the account. If you want to set up a company that intends to carry out work for the benefit of the community, a CIC can apply to become incorporated once they have been approved by the CIC regulator. Setting Up a Community Interest Company CIC. It was called a CIC or Community Interest Company. Community Interest Companies (CICs) are becoming a more popular option for running heritage sites or similar organisations transferring out of local authority control. CICs (Community Interest Companies) and charities are both legal structures that can be used if you wish to set up a social enterprise. More about the account. You might also need a Deposit account if you are likely to hold spare funds. They take longer to set up, require more ongoing work to keep running, and are more likely to incur costs for services from accountants and solicitors. Level: Basic. July 2016 Introduction Community Interest Companies (CICs) were introduced under the Community Interest Company Regulations 2005 to provide a new type of limited company legal structure for non-charitable social enterprises. Want to find a great new way to boost the funds available to you as a Community Interest Company? Community Interest Company (limited by guarantee) This guide sets out the main legislative and regulatory information to be aware of when setting up a community interest company (limited by guarantee). The CIC has the flexibility of the familiar company form, and access to a range of financing options, so may be appropriate for those working for a social purpose. Because of this additional step, CIC’s cannot be set up using an online formation service and must be done using a paper application. You should ensure that the company name ends with ‘CIC’, ‘community interest company’, ‘community interest public limited company’ or ‘community interest plc’. We look at Community Interest Companies – what they are, the purposes they can be used for and how to set them up. 'Well, we appear to be arriving!' Company Names. Cash deposits will be credited the same day and will benefit from immediate access to cleared funds. Information for community groups about choosing a bank and opening an account. The available structures are: * Unincorporated association * Limited company (shares or guarantee) * Community interest company * Community benefit society * Comparison between a registered society and a limited company. The application must comply with CIC legislation as well as the usual rules for registration of a company. The 2014 Act requires a community benefit society to “carry on a business, industry or trade” that is “being, or intended to be, conducted for the benefit of the community”. What would be an effective form of corporate governance for a large international trading organisation would be quite inappropriate for a small CIC formed, say, to hold the assets of another community organisation. * the GOV.UK pages Setting up a social enterprise * Social Enterprise Coalition * Get Legal. The Credit Union Account offers free day-to-day business banking to organisations with a turnover under £3 million per year. Community Interest Companies (CICs) are becoming a more popular option for running heritage sites or similar organisations transferring out of local authority control. Once this is done, you can begin to receive donations through our service. The funds available to you as a Community Interest Company Tom Pratt, the Guardian 03.12.09 help the... A Company registration of a CIC is to set up, arrange additional signatories and up... What they are, the purposes setting up a community interest company can be used for and how they work funds available to setting! As other specific legal requirements be used for and how is it connected with social enterprise two structures... Other limited companies giving them a separate legal identity from their founders boost the funds available those. 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