Serving Community Enterprise

Setting up a CIC

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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 work

Members: 224
Latest Activity: Dec 5, 2019

Forms and Step by Step Guidance

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Discussion Forum

Bank account appropriate for a CIC 4 Replies

HelloA Charity I founded has been with NatWest for a decade. Whenever we want to change who has access, it's a complete pain! I wish to avoid these issues when we set up a CIC.What banks are best…Continue

Started by George Pepper. Last reply by Pete Scott Nov 16, 2019.

Prescribed particulars

Hi,Anyone got any advice on specific content for Prescribed Particulars for a CiC ltd by shares, small membership, schedule 3??Not quite sure how much or little to add from the articles...ThanksJonContinue

Started by Jon Rolls Sep 27, 2019.

Which set up? 4 Replies

Hi. I have just registered as a sole trader and now realise that I should have set up a CIC. What paperwork do I need to complete? Thank you.Continue

Started by Tanya Hayter. Last reply by James Macfarlane Jul 22, 2019.

Land as an asset 1 Reply

Hi guysHello! Totally new to this space! Myself and are husband are setting up a project in Wiltshire that we are looking to establish as a CIC. We own the land that the project is going to happen…Continue

Started by Grace Dalgleish. Last reply by John Mulkerrin Jul 8, 2019.

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Comment by James Macfarlane on May 23, 2018 at 22:07: Hi Elizabeth, as ever I would encourage you to create a 'discussion' for questions as it makes it so much easier to track replies than in comments. Probably the best thing to do is pick up the phone and call the funders you are looking to apply to. They will most likely confirm exactly what their requirements are, and are often much more flexible than it would appear from reading the requirements on their websites.

Kind regards

James

Comment by Elizabeth Hall on May 23, 2018 at 18:22: Dear All,

First of all I would like to thank those of you who contribute to the problem solving forum - you really ARE a blessing to all who come here! So - we are awaiting confirmation of our conversion from a Ltd company any day now. Myself and my business partner are listed as the 2 Directors. We were about to apply for some funding when we came across a site that mentioned that these days most funders will reject applications if there are not '3 non exec Directors who receive no benefits', to oversee the spending of the ring fenced money? My partner and I are new to setting up a business so we are complete novices. We have been thrown into a panic and wonder if anyone could confirm what we need to do so we can fulfil the criteria that funders demand?

Comment by Steve Mitchell on February 27, 2018 at 17:35: Cheers John, we set up the first CIC - Ive been a sole trader for many years so of course I managed to mess up the companies house by only sending my accounts to HMRC instead of CH as well, so just getting over those teething problems and wanting to get this bit right. There will be one member the same and then some different ones ...

Comment by John Mulkerrin on February 27, 2018 at 17:02: Hi Steve

You can do it as an LTD or a CIC. It can be a subsidiary or separate, and the CIC can have an LTD subsidiary.

If you have them separate but run by the same people they will potentially be 'associated' for tax purposes https://www.gov.uk/corporation-tax-rates

Comment by Steve Mitchell on February 27, 2018 at 16:43: Hi I wonder if anyone can advise. I have a CIC which works with adults with disabilities through theatre across the midlands. One of my groups wants to set up a specific film group and I am wondering whether to set it up as a separate company (Ltd) with members on the board OR as a separate CIC, again with members on the board and Whether that film CIC can be a subsidiary of the main theatre CIC or has to be separate?

Comment by Ariane Mercurius-Taylor on February 7, 2018 at 10:26

Dear all,

I am a director of a Professional Body for Private Tutors and we are considering converting our company limited by guarantee into a CIC. We are seeking funding so that we can expand our membership reach and assist with events during the year to benefit our community of Tutors which will serve to benefit the students we tutor,

Would the Association would qualify to become a CIC?
What grants or donations may be available to the Association a. as it is currently formed and b. if it was able to register as a CIC?
Would CIC registration restrict the activities of the Association as a professional body?

I appreciate your feedback in advance.

Ariane

Comment by Sue Westwood on January 15, 2018 at 14:36: Hi all, I am in the process of completing INO1 form. Part 4, Statement of Guarantee. We are opting for Guarantee model. Can anyone provide further guidance on Subscribers, are these all members (Directors, employees, secretaries etc). And my thoughts where that the asset lock covered any wind up costs, including which would be minimal liability for its members? therefore amount guaranteed should be? ... Thanks in advance.

Comment by Hilary Sudbury on October 30, 2017 at 18:13: is it possible to convert from a CIC Ltd by Share to a CIC Ltd by Guarantee?

Comment by Trevor Saunders on July 25, 2017 at 12:59: Hello, I'm so glad I have found this group. Setting up a CIC. Ltd by shares or guarantee? Is their a difference in terms of being able to apply for grants ?

Comment by caroline wheeler-evans on April 12, 2017 at 11:27: Hi I have finally got some advice on filling out my forms ! However could anyone help me in regards of what taxes are expected with CIC and what liability directors have should the company fold ? Thanks.