CIC Association

Serving Community Enterprise

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Setting up a CIC

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: 193
Latest Activity: on Monday

Discussion Forum

Re: Sue Westwood 3 Replies

In reply to your question on the comment wall:Subscribers are your initial members. Directors and the company secretary can be (but do not have to be) members. Employees are a different category, so…Continue

Started by James Macfarlane. Last reply by Sue Westwood on Monday.

Related Directors (family connection) Is this a big issue? 2 Replies

Hi, My daughter and I are the main founders of our, to be CIC, we will be providing, initially, the services to start with. I see on a post further down that unrelated Directors was mentioned in…Continue

Started by Sue Westwood. Last reply by Sue Westwood on Monday.

Suitability of Articles of Association for particular needs? 5 Replies

Dear friends, Would anybody have a view on whether any particular changes require to be made to the model  articles of association as supplied,  for an art, transmedia Festival CIC? My question…Continue

Started by Gavin Gowans. Last reply by Ariane Mercurius-Taylor Dec 28, 2017.

1 Director for a CIC - Help needed with Articles of Association 33 Replies

HiI was wondering if anybody would be able to give me some advice please.  I am currently in the process of compiling the paper work needed to register as a CIC.  At present I was hoping to register…Continue

Started by Angie Beal. Last reply by John Mulkerrin Dec 21, 2017.

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Comment by Sue Westwood on Monday

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.

Comment by James Macfarlane on April 5, 2017 at 11:16

Re: caroline wheeler-evans

You will only be a director if you are named on the IN01 form as one. I agree with John regarding the number of directors. I would say 6 is a practical maximum. The amount of 'say' directors have is determined by your articles, but they usually are responsible for the general management of the CIC. The asset lock constrains directors taking profits from the company - see here fore more info - https://www.gov.uk/government/publications/community-interest-compa...

Comment by John Mulkerrin on April 5, 2017 at 11:05

You can have a minimum of 1 Director, but for example Big Lottery Awards for All want 3 unrelated Directors to be eligible to qualify for that grant. 

You can arrange the structure to suit, the different types of CIC have different rules on issues like entitlement to profit.

Comment by caroline wheeler-evans on April 5, 2017 at 8:27

Hi might sound a silly question but if I am setting up a CIC am I  a director ? Also how many directors should there be and if so how much say do they have in the business and or entitlement to any profit ? Thanks

Comment by James Macfarlane on April 4, 2017 at 9:31

Re: Sky

Being a CIC (as opposed to a 'regular' limited company) would usually make you more likely to obtain grant money as most funders will require an 'asset lock'.

A PLEA!!!!!! Could people create separate posts to ask questions? It makes it so much easier to follow replies than with comments on here. It's not very intuitive - you have to click 'add a discussion'.

Comment by Donald (Sky) McCain on April 4, 2017 at 9:04

Hi!

I'm advising a group of elders who have come together to set up a senior Co-housing company that will hold the title to the land and lease us plots for our privately owned dwellings.  Each homeowner will be a director of the limited company.

My question is:  Supposing our objectives are "in the interest of the community." would being a CIC make us more likely to obtain grant money?  

Thanks in advance to anyone who has information or has experienced this situation and is willing to comment.

best Wishes,

Sky

Comment by John Mulkerrin on April 3, 2017 at 15:17

For wider readerrs, the paperwork breaks down into four bits:

1. Company House 1N01 - Basic info about the type of company (Limited hby Share, Limeted by Guarantee, Co-operative etc) and details of directors/persons of significant control

2. CIC 36 - This is what is used to approve CIC status on the company (What are main activities, What is community benefit)

3. Articles of Association - you can use the CIC Regulator templates for most circumstances. These are the rules of the CIC, how to appoint/terminate directors, voting rights etc

4. Memorandum of Association -  a legal statement signed by all initial shareholders/members agreeing to form the company

 

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