Community Interest Companies
Posted: Wednesday 21 April 2010
Community Interest Companies (“CICs”) are a relatively new form of company specifically designed to cater for the needs of social enterprises. They are often, misleadingly, described as being “not for profit”. A more accurate account would be that they are businesses designed to make profits for community purposes, as opposed to for the benefits of directors and members. Like all business structures, CICs are subjected to a degree of regulation and there are a number of formalities to be satisfied in order for CICs to be recognised, and continue to be recognised, as such. When regulation is discussed it must always be remembered that first and foremost a CIC is a limited company and therefore must conform to company law generally.
