CIC Association

Serving Community Enterprise

Setting up a CIC - a couple of queries

Hi

With 5 colleagues I am engaged in and excited to be forming a CIC but I have a couple of queries.

Firstly, the question of asset tranfer .. ee .. or naming another organisation to which any remaining assets would devolve should your own CIC be dissolved.

We would like to name a relevant CIC with similar objects.  We are a group of counsellors and our CIC will be operational in the North West in initially at least.  Anyone volunteering??

Secondly, we are all currently self employed and don't intend to take salaries as Directors of our CIC at least until we are profitable.  However, some of us (along with others) will submit invoices for payment to the CIC for services not related to our roles as Directors.

It would seem that this is OK except for our treasurer - who we hoped would also act as our book-keeper initially.  We are hoping to avoid the additional complications and expense of a PAYE system whilst we get going.  Is there a way for this to be managed which is of course also legally correct?

Thanks in advance for your advice.

Karen

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Comment by Karen Peters on August 24, 2012 at 14:48

John

Thank you very much for your help and advice.  I'll be happy to post the outcome of my telephone query  - and I appreciate the free support - that's brilliant.

Karen

Comment by John Mulkerrin on August 24, 2012 at 12:59

Hi Karen

Re nominating another asset locked body, just want to mention you dont have to nominate one at the start. Leave it blank and if you should have to wind up and leave some assets, the Regulator would distribute them to another asset locked body for you.

You can also add a nominated asset locked body later on, for example you would discuss and pass a resolution at a formal directors meeting and a letter into the Regulator. That'll stop this issue slowing you down.

Re your treasurer question, you can also contact Fred Hudson fred.hudson@rsmtenon.com 01257 518236, we've arranged with RSM Tenon a free telephone service to give basic guidance over the phone.  

Make sure to mention the Association has referred you as it is only available to our members. Please let me know what/how you proceed, this will be good info for future readers.

John

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