I am entering year of two running a CIC as the sole director, but with someone acting as the second bank signatory.
I have now hit the age old problem of needing two or more directors to apply for further funding.
I have significant control of the company and wish to keep it that way, and know that any new director needs to be registered with Companies House, but I wondered if:
a. appointing a NED was a good option
b. if anyone had another option
And if I do need to appoint a NED, I wondered if I needed to:
1. have an official record of inviting the person to become a NED
2. create a contract between the CIC and the appointed NED
3. change my articles of association
Also, the person I would like to appoint runs a charity with whom my CIC works in partnership (which we pay for services), but he would come on board as an individual, not as a person associated with that charity. The charity he works for is also our asset lock. Is there any potential conflict here?
Many thanks, Ali