Has anybody come across the term 'Community Interest Companies' ?
I have done some reading over the internet and it and it appears that you can pick a name and put 'Community Interest Company' after it and as long as the Mem's and Articles are legally correct, it becomes a legitamate company - albeit not for profit and thus not taxable.
Has anybody got any experience in setting a company up like this?
A CIC cannot be a charity and profits are taxable.
CICs generally operate as non profit organisations but profits may result as a side effect of other operations (such as operating a cafeteria at a community football club run as a CIC).
As you say, very like a limitied company (you have to register with CH) but with more restrictions as to what you can and can't do.
What were you thinking of forming one to do?
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
A friend of mine asked me to look into it for a local sports club that he is the chairman of and also his wife was thinking of doing something similar for a mums group which she runs from a local school hall.
Do you think it would suit these types of operations?
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
