Choosing the business structure that is right for you, is a key way we support our clients here at Plummer Parsons.
Does your business have social, charitable, community-based objectives?
Does it exist to benefit the community rather than for private advantage?
If so, setting up as a Community Interest Company (CIC) could be the most suitable and advantageous option for your organisation, as opposed to becoming a registered charity.
CICs are limited companies that have additional special features and exist to benefit the wider community rather than private shareholders.
They offer greater flexibility in terms of activities that can be undertaken and a reduced level of regulation as they do not have to comply with Charity Commission reporting and regulatory requirements. Though, CICs do not enjoy the same tax exemptions as charities and do pay tax on any ‘profits’.
If you’re an existing Community Interest Company, we can advise you in areas such as governance, tax, payroll and CIC accounting.
Or if you’re considering setting up your organisation as a CIC and want to learn more about CIC formation, the benefits and the specialist support our Not for Profit team can offer, contact us now.