[Talk-GB] UK group: Community Interest Company

[Jez Nicholson]

+1 for a CIC. It clearly enforces that nobody is running off with the
assets whilst giving operating flexibility, e.g. the CIC could do work for
another company and be paid for it, can receive donations, bid for grants,
pay Directors expenses, put on an annual Christmas party. I'm not saying
these things _would_ be done only that they _could_. It is a company so
'allowable' is decided by the Directors (as long as it is legal) via
whatever voting structure is setup.

I suggest that an accountant is appointed and paid to do annual returns.
You don't notice until you've been going for a year and then it gets left
to Directors and might be forgotten, passed around, or done incorrectly. It
isn't complicated or expensive.

Regards,
            Jez


On Thu, 18 Feb 2016 at 09:11 Gregory <nomoregrapes at googlemail.com> wrote:

> 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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