CIC Association

Serving Community Enterprise

I am currently writing up my CIC application (ltd by guarantee), but am discovering more and more than funding usually require 3 directors at least.

I have a deadline as my community bookshop is due to open in January and I don't want to add anyone willy nilly. 

1) Can I add directors later on, when I want to apply for funding?

2) What are the responsibilities of each director to the company and vice versa?

3) Can there be one main director (me, running the thing) and subsidiary (just advisory/voting?) Can I take a salary and not them? Do they have the same responsibility as me?

HUGE thanks in advance – I'm lost!!

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Replies to This Discussion

Hi I originally set up with just me then added 2 directors which was a simple process. The 2 directors are more advisors and don't take a wage but I take a wage as I run it. All 3 of us have the same responsibility legally but they have full faith in me.
Hope that helps
Thank you SO MUCH Jemma!
Hi Sophie
I agree with Jemma. For director's duties, see https://www.gov.uk/guidance/being-a-company-director and also the CIC guidance at https://www.gov.uk/government/publications/community-interest-compa.... Yes, you can have executive directors who work for the company (generally full time) and take a salary, and non-executive directors whose only role is being a director so they don't have a salaried role in the company. Hope this helps.
James

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