|
Community Interest Companies |
|
A Community Interest Company (known as a "CIC") is a limited liability company with the specific aim of providing benefit to a community.
The CIC is a vehicle designed for 'social enterprises' which want to use their profits and assets for the public good. CIC's will report to the regulator on how they are involving stake holders and their activities.
This type of company can be adopted by a range of social enterprises and ‘not-for-profit’ projects serving communities throughout the UK, which combine the pursuit of a social purpose with commercial activities.
The CIC Regulator must approve applications to form a CIC and has a continuing monitoring and enforcement role. A company cannot become a CIC if it is, or intends to be, a political party or a political campaigning organisation (or a subsidiary of either). In addition, a CIC cannot be a charity.
|
