"You can generally assign the partnership's debt to the CIC but you would need permission from your suppliers, lenders, etc, and if the CIC hasn't been trading an has no track record they are unlikely to provide this."
The word "convert" is misleading. What happens is you would incorporate a CIC, and then the CIC would buy (or be gifted) the assets of the partnership and take over running its business. Yes, a CIC is a type of limited…"
"Hi Suzanne, if you have an accountant or a solicitor, they will usually let you use their office address. Alternatively, if there is a social enterprise support organisation in your area, they might let you use theirs."
In reply to comment by Hilary Sudbury "is it possible to convert from a CIC Ltd by Share to a CIC Ltd by Guarantee?"A company limited by shares cannot be converted to one limited by guarantee (or vice versa). If you want to do this, the process is to register a new company and transfer the assets of the old company to the new one. As each company is required to have a different name, you will have to change the existing company's name first, so that the new company can be registered in the…See More
A CIC is a type of company, which (in the simplest sense) is a group of people coming together with a common purpose. Those people are the members, and they control how what the company does and how it is run. You can have just one member,…"
Directors voting rights will be the same in a CLG/CLS. Members/shareholders voting rights may be different in a CLS, but CICs are generally used for socially democratic social enterprises, which are generally socially democratic and each…"
"Ive been told that CLG means that all 3 directors have the same voting writes ? Which would worry me if sometime down the road you could be voted out ? I was told that CLS means you can own 51% (or so) shares meaning you have final say as founder ?"
Just to check I understand the situation correctly, it this right?
1. you already have a non-CIC company
2. you are setting up a new CIC which will be applying for grants
3. you want to spend the grants received by the CIC on work…"
Depending on where you are in the country, there should be a social enterprise or voluntary sector support organisation that can help you set up a CIC. If nothing else, the CIC regulator can answer any queries you have and there's a…"
See my reply to Vicky above. The register of members is something you must create yourself for the company. An Excel spreadsheet works fine. However, I know that from last year companies have been given the option of keeping their…"
If they are no longer interested, they will have to resign as members before you can remove them from your register. It depends what's written in your articles, but they can usually resign in writing. You will then enter the date of…"
"Yes, the model CIC36 form is very cluttered. You can just delete the words "community interest company" and insert the full name of your CIC. I have attached a lightweight version of the form that I use.
Yes, authentication means signature."
"If you are looking for grant funders you will probably need more than one director. However, turning to your questions -
a) You can put any amount and use any currency, but in practice people put £1 as a nominal amount.
b) Not a huge advantage…"