Helping To Set Up A CIC

Far too many people are being given wrong advice at the point of application. They:

 

  • become a limited company when they should be a CIC;
  • opt for the wrong model e.g. the CIC share model when they should have adopted the CIC guarantee model;
  • are not properly advised about the 6 constitutions;
  • need to fully understand the asset lock and the difference between schedule 2 and schedule 3;
  • should be better informed about the role of directors and non-executive directors.

I’m going to put it out there, you do not need to first become a limited company and then convert to a CIC, nor do you need to put in proxy directors and then change them when the CIC becomes registered. These are unnecessary procedures and I speak from experience as the former Deputy Regulator of Community Interest Companies.

I am going to be working with other partners such as the CIC Association in the near future to ensure that prospective CICs are offered a bespoke service tailored to their needs which will ensure they make an informed decision and have ongoing support.

PH Consultancy

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