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James Macfarlane
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James Macfarlane replied to Max Jamieson's discussion Just registered a CIC limited by guarantee and need some advice!! in the group Setting up a CIC
"Glad we could help out anyway."
Feb 9
James Macfarlane replied to Max Jamieson's discussion Just registered a CIC limited by guarantee and need some advice!! in the group Setting up a CIC
"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…"
Feb 9
James Macfarlane replied to Max Jamieson's discussion Just registered a CIC limited by guarantee and need some advice!! in the group Setting up a CIC
"Hi Max 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…"
Feb 8
James Macfarlane replied to Mrs Alana Black's discussion Sole Trader or CIC - unsure? in the group Setting up a CIC
"Hi Alana 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…"
Jan 11
James Macfarlane replied to Mike Roberts's discussion Feedback on CIC 36 in the group Setting up a CIC
"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…"
Jan 6
James Macfarlane replied to HANNAH THOMAS's discussion Removing an Asset Locked Body - Advice!
"Hi Hannah 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…"
Jan 6
James Macfarlane replied to Mike Roberts's discussion Feedback on CIC 36 in the group Setting up a CIC
"Happy to have a quick look."
Jan 4
James Macfarlane replied to Mike Roberts's discussion Music Royalties and CICs in the group Setting up a CIC
"Hello Mike Sorry for the confusion. This rule does not apply to the transfer of assets made for the benefit of the community (or the transfer of assets into certain an asset-locked bodies). Regards James"
Jan 4
James Macfarlane replied to Mike Roberts's discussion Music Royalties and CICs in the group Setting up a CIC
"That would seem correct to me. The difference, as a CIC, being that the assets (intellectual property in the music) must be used principally for the benefit of the community, and cannot be transfered for less than full consideration (i.e. sold at…"
Jan 3
James Macfarlane replied to Tariq Malik's discussion How long the Regulator takes new in the group Setting up a CIC
"I would give a few weeks at least."
Nov 29, 2016
James Macfarlane replied to David Alexander's discussion Choosing an asset lock CIC for Articles of Association in the group Setting up a CIC
"Legally, no, but practically I would think you would want some sort of relationship with the other CIC or at least make them aware they are in line to receive your CIC's assets on dissolution."
Nov 17, 2016
James Macfarlane replied to Sophia Loi Shaw's discussion CIC 36 in the group Setting up a CIC
"Sophia, if you go to https://beta.companieshouse.gov.uk/ and type in the name of any CIC, you can view their incorporation papers, including the CIC36."
Oct 13, 2016
James Macfarlane replied to Sophia Loi Shaw's discussion CIC 36 in the group Setting up a CIC
"Just put something like "If the company makes any surplus it will be reinvested to futher our activities" if this is what you are going to be doing with profits."
Oct 12, 2016
James Macfarlane replied to Mottie Omideyi-Akapo's discussion Board of Directors in the group Setting up a CIC
"Regarding lottery funding, there is this link - Factsheet 1 Bank Statements.pdf Where a CIC's directors are family members, they have to be very careful to act in the interests of the CIC itself and its social purpose, and not in the interests…"
Oct 6, 2016
James Macfarlane replied to Mottie Omideyi-Akapo's discussion Board of Directors in the group Setting up a CIC
"Hi, thanks for posting here, it's easier than wading through comments! In general, there's no problem with CICs having related family members. Indeed, the best CICs may be family run. However, if you are looking for grant funding, you may…"
Oct 6, 2016

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