Establishing a Community Interest Company: Cycle Roots CIC Emma - - PowerPoint PPT Presentation

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Establishing a Community Interest Company: Cycle Roots CIC Emma - - PowerPoint PPT Presentation

Jan 27, 2023 361 likes •464 views

Establishing a Community Interest Company: Cycle Roots CIC Emma McNally and Phil Johnson, Directors of Cycle Roots CIC. The Missing Link? See chapter 30 of Case et al., 2017 The e age e of so socia cial l enter erpris ise? e? 1)

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“Establishing a Community Interest Company: Cycle Roots CIC”

Emma McNally and Phil Johnson, Directors of Cycle Roots CIC.

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The Missing Link? See chapter 30 of Case et al., 2017

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SLIDE 3
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The e age e of so socia cial l enter erpris ise? e?

1) Limited companies have corporate personality if they are correctly incorporated:

  • Name
  • Address
  • One director and one shareholder
  • Memorandum of association
  • Articles of association
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2) 2) Charit ities es

  • Minimum of three trustees who are legally responsible for the

administration of the charity; to deliver ‘charitable purposes for the public benefit’

  • A charitable incorporated organisation (CIO) to comply with company law

(that prioritises the interests of shareholders) and charity law (that prioritises the interests of beneficiaries)

  • A charitable company limited by guarantee (CLG)
  • A charitable trust
  • An unincorporated association
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3) 3) Co-operativ ive so socie ietie ies

  • Organisations that privileges its members who can own, administer

and benefit from its operations.

  • “One-person, one-vote”.
  • Comply with the Co-operative and Community Benefit Societies Act

2014.

  • The Financial Conduct Authority (FCA) must be satisfied that its
  • bjects are wholly charitable or benevolent (s. 10).
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4) 4) Regis ister ered so socie cieties es

  • Used to be an Industrial and Provident Society (IPS) until the term

‘registered society’ was brought in by the Co-operative and Community Benefit Societies Act 2014.

  • Community benefit societies aka. a ‘Bencom’.
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5) 5) Community y inter erest com companie ies s (CIC)

  • Introduced by s.26 of the Companies (Audit, Investigations and

Community Enterprise) Act 2004.

  • Unique incorporation rules such as: the articles of association must

include a ‘community interest statement’ and an ‘asset lock’ is required.

  • Has to be approved by the Office of the Regulator of Community

Interest Companies.

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6) 6) Busin siness ss Partnership ips s and Sole e trader ers

  • Unlimited liability?