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.
Clear, unambiguous and straight advice from the experts. Advice you can trust at a price you can afford.