HelloA Charity I founded has been with NatWest for a decade. Whenever we want to change who has access, it's a complete pain! I wish to avoid these issues when we set up a CIC.What banks are best…Continue
Started by George Pepper. Last reply by Pete Scott Nov 16.
Hi,Anyone got any advice on specific content for Prescribed Particulars for a CiC ltd by shares, small membership, schedule 3??Not quite sure how much or little to add from the articles...ThanksJonContinue
Started by Jon Rolls Sep 27.
Hi. I have just registered as a sole trader and now realise that I should have set up a CIC. What paperwork do I need to complete? Thank you.Continue
Started by Tanya Hayter. Last reply by James Macfarlane Jul 22.
Hi guysHello! Totally new to this space! Myself and are husband are setting up a project in Wiltshire that we are looking to establish as a CIC. We own the land that the project is going to happen…Continue
Started by Grace Dalgleish. Last reply by John Mulkerrin Jul 8.
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Re: caroline wheeler-evans
You will only be a director if you are named on the IN01 form as one. I agree with John regarding the number of directors. I would say 6 is a practical maximum. The amount of 'say' directors have is determined by your articles, but they usually are responsible for the general management of the CIC. The asset lock constrains directors taking profits from the company - see here fore more info - https://www.gov.uk/government/publications/community-interest-compa...
You can have a minimum of 1 Director, but for example Big Lottery Awards for All want 3 unrelated Directors to be eligible to qualify for that grant.
You can arrange the structure to suit, the different types of CIC have different rules on issues like entitlement to profit.
Hi might sound a silly question but if I am setting up a CIC am I a director ? Also how many directors should there be and if so how much say do they have in the business and or entitlement to any profit ? Thanks
Re: Sky
Being a CIC (as opposed to a 'regular' limited company) would usually make you more likely to obtain grant money as most funders will require an 'asset lock'.
A PLEA!!!!!! Could people create separate posts to ask questions? It makes it so much easier to follow replies than with comments on here. It's not very intuitive - you have to click 'add a discussion'.
Hi!
I'm advising a group of elders who have come together to set up a senior Co-housing company that will hold the title to the land and lease us plots for our privately owned dwellings. Each homeowner will be a director of the limited company.
My question is: Supposing our objectives are "in the interest of the community." would being a CIC make us more likely to obtain grant money?
Thanks in advance to anyone who has information or has experienced this situation and is willing to comment.
best Wishes,
Sky
For wider readerrs, the paperwork breaks down into four bits:
1. Company House 1N01 - Basic info about the type of company (Limited hby Share, Limeted by Guarantee, Co-operative etc) and details of directors/persons of significant control
2. CIC 36 - This is what is used to approve CIC status on the company (What are main activities, What is community benefit)
3. Articles of Association - you can use the CIC Regulator templates for most circumstances. These are the rules of the CIC, how to appoint/terminate directors, voting rights etc
4. Memorandum of Association - a legal statement signed by all initial shareholders/members agreeing to form the company
Yep, mostly we find it's the 1N01 that is the issue.
thanks I will pick the form apart and get back to you I think it is mainly terminology
What dont you get Caroline? If you let me know the particulars I can try and help
John
Hi John your helpful would be brilliant ! I am in the process of setting up a company and I am sure it comes under the umbrella of a CIC. However I have plenty of experience in the content of the company but none of filling out the forms. I have an understanding of what a CIC is and how it works but the forms are giving me nightmares ? I have looked at the Guidance but am still not really getting it ?? Thanks
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