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…"
"Yes, that does sound dodgy. All assets are 'locked' in a CIC and must only be used for the benefit of the community, so you can pay market rate salaries, but not £80,000 profit.
There's lots of good software for PAYE, but…"
A company's accounting year normally ends at the end of the month the company was incorporated in. If you've chosen 30th June that shouldn't matter, though. Corporation tax is paid on profits, not total income. You are correct…"
CICs are generally used by social enterprises (businesses that operate for social/charitable purposes). If you are wanting your business to be a social enterprise, and be able to apply for grant funding (e.g. from the Big Lottery Fund), you…"
"Sorry for the delay, for some reason I didn't get an email notification about this post, but luckily noticed it! That looks good to me, but a few comments/suggestions...
Section A is just about beneficiaries, so you don't need to go into…"
The CIC legislation doesn't require this. If there isn't any sort of agreement between your CIC and them that they be listed, and indeed they don't even know they are listed, then I see no obligation to tell them or seek…"