Hi all, so yesterday I was in the postition where i thought that closing the cic was the best option due to falling trade. However, I think it MAY be possible to save it (with some great expansion ideas into new areas that we haven't covered yet).
Originally I started the CIC and ran it for its first few years, however, due to personal circumstances at the time, I needed to step away from it in order to manage my own personal affairs. A friend of mine took it over so that it wouldn't close down but she has made a number of errors when it comes to things like cashflow - I think, having looked at it all, I might be able to get it back on it feet. My friend is finding it all too stressful and wants to either hand it back to me or close it.
Its a service for adults with disabilities and if I can keep it going then I will...
I have a couple of questions that im wondering if anyone can answer for me...
The company filing date is in June - would it be beneficial to extend the filing date to give me more time to raise funds (via new ventures within the company), at the moment I think it is just breaking even (possibly running at a slight loss!). I thought this would give us longer to pay the tax that will be due and we can offset some of the losses that are possibly happening at the moment? Would this be a good move with regards to helping reduce cashflow problems?
If I do extend the deadline - what disadvantages would there be? ( if any)
thanks in advance