- Section A1
• The proposed company name’s ending has to be limited or ltd. Could it be CIC? Yes, it HAS to be either CIC or Community Interest Company
• Have we got to fill the ‘‘for official use’’ field? No
- Section D1
As far as I concerned, a CIC limited by guarantee means that all the members subscribed are directors and vice versa.
• Do we need to include more than one director in the form? No, you can have one Director
• In the form, there is just space for two director appointments. As we are 3 members where should we include the third one? There should be additional pages
I read in this forum that it is much better have more directors in terms of getting funding, is that true? Which are the real benefits of that? What happen if we just put one director?
Cant answer that in total, a single director can achieve everything, but for example Big Lottery 'Awards for All' ask for 3 unrelated Directors.
- Section 243 exemption
In the meantime our organization is applying for some funding. We are going to send the CIC application before we apply for the funding. Also, each member is applying for a different grant so my questions are:
- Shall we tick this box if we haven’t apply yet? We might get the funding during the CIC registration process, should it be a problem?
- Do we have to tick each Section 243 box if we all apply for funding?
No, leave it blank
The cheque (£35 fee) can come from other person who is not part of the organization. The actual members haven’t got cheque book yet.
Yes, it can come from another person
I really appreciate all the suggestion and advices you can give me with this form as I have been told more than the 70% of the people fail due to a silly mistakes.