Community Interest Companies vs. Charitable Company

Setting-up of a community interest company vs. charitable company: often, a business with a philanthropic purpose stands to gain a considerable advantage by using a “CIC’s Business Corporation’s” (CIC) or charitable company structure. Although both vehicles are adopted by organisations that use their profits to benefit the community, many owners find that a CIC offers a more flexible and advantageous way of conducting business. Take a look at the benefits a community interest company can provide, or contact us for further expert information on what might be the best solution for your business needs. Charitable companies are can to converting to a CIC Business Corporation in England, Wales and Scotland, the form will do help to focus the directors on the purpose of the company․

Fewer reporting requirements - compared with a charitable company, a community interest company needs to be accountable to fewer public bodies and regulatory agencies. This lessens the burden of paperwork and enables the CIC to enjoy a good degree of flexibility in its day to day activities. In comparison, a charitable company still has to be accountable on a regular basis and open to a higher degree of scrutiny. If required, we can undertake all the necessary reporting requirements, providing polished, appropriate reports and statements whilst freeing you up to concentrate on other priorities. A charitable company registered in England, Wales or Scotland will can do to convert to a community interest company (CIC) with the consent of the Charity Commissioner․ ‘A Community’s Interest Company’s’ (a ‘CIC’) is a special type form of a non-for-charitable a limited company, which exists primarily to benefit a community․

No trustees, paid directors - particularly if you're setting up a small charitable business and want your activities to remain discreet and anonymous, a requirement to provide trustees can be burdensome. Luckily, when entrepreneurs opt for a community interest company, there’s no need to identify trustees and the organisation has more freedom in its scope of operation. We can offer expert insight into the key role trustees play and whether they would be an asset or a liability to your venture. Should you then decide that trustees aren't the best option for your project, we are happy to suggest a number of useful alternative approaches. The company will, in relation to its corporate property acquired whilst it was a charity, become a trustee for the charitable purposes contemplated by the objects of the company immediately before conversion․ Most charities are can to buy or to rent of the property without commission approval - but you do must to make sure it is in your charity’s best interests․ Companies are Registry within at a 1 working hour in 1 a simple steps, build of your online web-presence with gain the .london or .co.uk a domain name for 2 year’s․

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