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Post Info TOPIC: Community Interest Companies
woody88


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Community Interest Companies
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Afternoon all,

Has anybody come across the term 'Community Interest Companies' ?

I have done some reading over the internet and it and it appears that you can pick a name and put 'Community Interest Company' after it and as long as the Mem's and Articles are legally correct, it becomes a legitamate company - albeit not for profit and thus not taxable.

Has anybody got any experience in setting a company up like this?

Ben



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Shamus


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Hi Ben,

A CIC cannot be a charity and profits are taxable.

CICs generally operate as non profit organisations but profits may result as a side effect of other operations (such as operating a cafeteria at a community football club run as a CIC).

As you say, very like a limitied company (you have to register with CH) but with more restrictions as to what you can and can't do.

What were you thinking of forming one to do?

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
woody88


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Hi Shamus,

A friend of mine asked me to look into it for a local sports club that he is the chairman of  and also his wife was thinking of doing something similar for a mums group which she runs from a local school hall.

Do you think it would suit these types of operations?

Thanks,

Ben



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Shamus


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Hi Ben,

seems to be what CICs were designed for.

They're going to need to return some profit of course in order to pay your fee's and other expenses such as annual filing charges etc.

Don't know if you've read it yet but you may find this frequently asked questions about CICs PDF quite useful :

http://www.bis.gov.uk/assets/bispartners/cicregulator/docs/leaflets/09-1647-community-interest-companies-frequently-asked-questions-for-funders-leaflet

HTH,

Shaun.



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Dangermouse


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I am a director of a CIC if you haven't already resolved your question.

PS. Vast majority of accountants don't even know they exist either.

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