The Community Interest Company legislation is an evolution that will change the way people do business in the UK
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We have existed thus far using a legacy, but want to establish long-term funding. This is in hand but for various reasons is delayed. Therefore we should set up temporay and / or lower-value resources. Simple donations would help (maybe Paypal?), but a separate bank account would be more secure.
Any thoughts about a bank which would offer benefits to a CIC?
Much appreciated, thanks.
Any thoughts about a bank which would offer benefits to a CIC?
Much appreciated, thanks.
Looking for help with our website development - we have one that needs attention and we are a CIC called Creative Arts Therapy Devon CIC. WE'd like to establish if we need to start over, or whether managing our existing website can be brought in-house, or for a low cost hosted by a new IT person. Thanks for sharing information.
We are a small ltd company and CIC. Some years ago we purchased an asset, and spent most our cash refurbishing it. Our aim is to lease it out to provide funds to pursue our Objective, which will mean purchasing specific services and collating the results for local / regional authorities. Unfortunately, we are running out of funds.
An SITR scheme has been proposed but I believe we would not qualify as we are not 'trading'. Anyone have any thoughts?
An SITR scheme has been proposed but I believe we would not qualify as we are not 'trading'. Anyone have any thoughts?
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John Mulkerrin Hi George
Have you read this: SITR Note on Leasing-Licensing (2).pdf (getsitr.org.uk)
If you'd like to have a quick call please email your contact details direct to john@cicassociation.org.uk
Best regards
John
Hello all - can anyone advise if a non-exec (and unpaid) board member can apply for an employed post within their CIC?
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Charlie Cattell There is nothing generally to prevent a CIC board member, whether paid or unpaid, from applying for a job within the company. I can only think of two situations where this could be an issue.
1) If for some reason the CIC's Articles of Association should prohibit this, which is highly unlikely.
2) If the CIC has received a grant with a funding agreement attached that stipulates rules about board members being on the payroll.
Hello everyone,
Could I please ask if you came across difficulties with opening a bank account for a CIC, when one of the directors (we're 2 directors) has poor credit history?
We're just about to incorporate and this became a big block...
Many thanks
Rafaela
Could I please ask if you came across difficulties with opening a bank account for a CIC, when one of the directors (we're 2 directors) has poor credit history?
We're just about to incorporate and this became a big block...
Many thanks
Rafaela
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Rafaela Nunes Thanks very much John!
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John Mulkerrin If you are having issues you should look at the Monzo, Starling, Revolut type online accounts. In essence they are credit accounts rather than debit accounts but you will be able to get an account for online banking, payments, direct debits etc but you wont get overdrafts etc.
A huge generalisation but they might be options, Co-op offer free banking via their Community Direct Plus Account, again these are not recommendations just products to research.
Best of luck
John
