Hello everyone, first of all, thanks so much for creating this space and these tools. I am brand new in these waters and I am trying to dive and swim as best as I can.Little foreword: We are in the…Continue
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Hi all,My partner is part of a local organisation in Devon with links to a rural village community in Zimbabwe. They are wanting to raise awareness and funds to support a tree planting project there,…Continue
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Set up a CiC this year to help local BAME communities with future intent of adding directors. Have adopted the model memorandum from Companies House. The Bank is unable to open bank account as the…Continue
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Started by Rehena Harilall. Last reply by Rehena Harilall Oct 25, 2020.
Hello all CIC-ers.Thanks to the creation of this brilliant resource and community.We (Creative Arts Therapy CIC or CAT Devon CIC) are slowly establishing ourselves, and we're trying to work out how…Continue
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Do any of you know of an accountant in south west England who specialises in CICs..? or at least has experience with CICs?
Ideally somewhere in Dorset, Somerset or Wiltshire...?
I'm getting close to setting up a CIC but first of all want to make sure we have a reliable accountant.
(To register the CIC, we will of course need an address and would prefer to use the address of an accountant rather than our home address - hence needing to sort out an accountant before registering).
Also, do please let me know if there's somewhere else on this site that I could post my request, as well as in this group.
Many thanks for any help and advice!
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
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?
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 ...
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
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?
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,
I appreciate your feedback in advance.
Ariane
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.
is it possible to convert from a CIC Ltd by Share to a CIC Ltd by Guarantee?
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