1.6 Community Interest CompaniesCommunity Interest Companies were established in the UK in 2005. Since then there has been a steady increase in the number of organisations choosing to incorporate as a CIC. Currently there are 757 registered CICs in Scotland, 6% of the total number registered in the UK. A CIC is a limited company which is established to provide public benefit to the community it has identified to serve. The CIC model differs from a traditional Limited Company due to the inclusion of an ‘Asset Lock’ in the Articles of Association. The inclusion of this clause ensures that any profit (after revenue costs) is reinvested back into the CIC, in addition the asset lock must also stipulate a similar organisation that will benefit from the assets of the organisation should the CIC be wound up. A CIC can be limited by Guarantee or can be limited by shares (for more info on this and applying to companies house see 1.11 applying for CIC status).
The key characteristics of a CIC are detailed in the below table. Key Characteristics of a CIC
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TOPICS1.0 Getting Started
1.1 Legal Structures 1.2 Unincorporated Association 1.3 Trusts 1.4 Scottish Charitable Incorporated Organisation 1.5 Limited Company 1.6 Community Interest Companies 1.7 Developing a Governing Document 1.8 Writing your Organisations Purposes 1.9 Applying for Charitable Status 1.10 Applying for Company Status 1.11 Applying for CIC Status 2.0 Developing and Growing 3.0 Taking on an Asset 4.0 What is Social Enterprise 5.0 Volunteering 6.0 Funding 7.0 Dissolving an Organisation |
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Voluntary Sector Gateway West Lothian is a Registered Company in Scotland No. SC244154 and Registered Scottish Charity No. SC027612.
Registered Office: 20-22 King Street, Bathgate, EH48 1AX
Registered Office: 20-22 King Street, Bathgate, EH48 1AX