Nearly 24,000 Community Interest Companies (CIC) are registered in the UK and over 5,000 new CIC's are registered each year.
This new title provides a full analysisof the legislative and regulatory background of community interest companies and is a guide to all six CIC precedents, fully annotated to provide guidance on each article, together with bespoke clauses that maybe included for specific events.
Armed with this text any solicitor, barrister or accountant will have the tools to confidently advise clients on the legislative and regulatory background of CICs, in addition the text provides detailed analysis of all six CIC articles of association precedents which will aid any professional drafter.
This clear and concise text would also suit anyone individuals in the community who wishes to set up a social enterprise using the CIC structure, in particular sports clubs or voluntary groups.
Read an extract of Law and Regulation of Community Interest Companies
Table of Contents
1) Introduction Overview Community Interest Company The role of community interest companies CIC v Charity structures The Taxation of CICs Legal Structure | limited by guarantee/shares Company Structure Constitution Overview
2) Legislative background The Law The Companies Act 2006 The Companies Act 2006 (Consequential Amendments etc) Order 2008 Companies (Audit, Investigations and Community Enterprise) Act 2004 The Companies (Audit, Investigations and Community Enterprise) Act 2004 (Commencement) and Companies Act 1989 (Commencement No 18) Order 2004 (SI 2004/3322) The Community Interest Company Regulations 2005 The Community Interest Company (Amendment) Regulations 2009 The Companies Act 2006 (Consequential Amendments Transitional Provisions and Savings) Order 2009
3) Regulation background
The regulator Investigations Enforcement Accountability & Appeals 4) CIC Overview
Legal Company Structures Community interest statement Incorporation Conversion Charities conversion to a CIC Financing Loan capital & Debentures Charge on assets Taxation considerations 5) Reporting Role of directors & members Directors renumeration Transfer of assets Liquidation & Insolvency Winding up Reporting obligations Annual reports & Accounts 6) Articles of association Company Act 2006 Articles of association overview Objects Alteration Asset Lock 7) Asset Lock Restrictions Dividend caps Performance related cap Redemption & Reduction in capital
8) Precedents CIC model constitution: company limited by guarantee with a small membership CIC model constitution: company limited by guarantee with a large membership CIC model constitution: private schedule 2 company limited by shares with a small membership CIC model constitution: private schedule 2 company limited by shares with a large membership CIC model constitution: private schedule 3 company limited by shares with a small membership CIC model constitution: private schedule 3 company limited by shares with a large membership