yes, you need to make sure the transaction is recorded as it would be for purchasing from another individual. It must not be for more than market value.
Perhaps bundle/value all the books together and then just charge the CIC for the…"
I’m opening a CIC bookshop and am starting off with the majority of my stock being my personal collection i have built up over the years. The majority I’m happy to donate, but there are some that are quite valuable that I would like the company to buy from Me. Is this okay? Is there paperwork I need to do to ensure it’s legitimate?See More
For any accounting related queries, including accounts software package questions, grants and trading income treatment, HMRC or Companies House queries/issues, tax reliefs for CICs, links to useful finance information etc
"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…"
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…See More
Guidance on how to set up a CIC especially where communities need to work together before they actually create the CIC e.g. collect funds commission work from advisors ahead of formation as some market testing or preparatory workSee More