[Talk-GB] UK group: Community Interest Company

[Gregory]

I had a chat with my friend who has set up a CIC. As we know, it's very
similar to a LTD in terms or fill in some forms and you're done, just an
extra form to do.
Her CIC isn't membership based/accountable, so the 2 directors can run it
as any other business.

>From the land of the prince bishops,
Gregory.

On 18 February 2016 at 07:27, Brian Prangle <bprangle at gmail.com> wrote:

> Hi Rob
>
> I've already contacted Frederik alerting him to the potential benefits of
> CIC to the OSMF and he's replied that they'll investigate it.
>
> Regards
>
> Brian
>
> On 17 February 2016 at 22:57, Rob Nickerson <rob.j.nickerson at gmail.com>
> wrote:
>
>> Hi all,
>>
>> One of the outstanding actions for the UK group is should we set up as a
>> regular Limited Company or a Limited Company with Community Interest
>> Company (CIC) special features. The special features (e.g. Asset Lock)
>> sends a clear message of our intention to support the community rather than
>> personal gain.
>>
>> The two main questions are:
>>
>> Question 1: How much annual overhead?
>> It would require an extra annual form (CIC34) but as Brian noted during
>> the last meeting this is straightforward. Worked example:
>>
>> https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/454007/example-form-cic34-short-version2.doc
>>
>> Question 2: What if we end up dissolving the group?
>> In this case we need to find another CIC or a Charity to transfer any
>> remaining assets to. We cannot transfer to a plain Limited Company such as
>> the OSMF.
>>
>> In my view the annual overhead is minimal yet being a CIC brings clear
>> benefits from a transparency point of view. I would recommend that an OSMF
>> member raise the question of becoming a CIC to the OSMF Board as the
>> transparency would benefit them too (and should we ever dissolve the UK
>> group it would make things much simpler). If the OSMF were to "upgrade" to
>> CIC status it would cost them just GBP 25. They should consider what impact
>> the asset lock will have on their regular activities (e.g. cannot transfer
>> assets at less than full market value).
>>
>> Best,
>> *Rob*
>>
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>
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-- 
Gregory
osm at livingwithdragons.com
http://www.livingwithdragons.com
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