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Known in the accounting world as a Public Benefit Entity (PBE), CICs are at liberty to make a profit and act just like any other business as long as they comply with their aims. Shareholders can even receive dividends, but these are capped: 65% of the profits in a CIC must be used for community purposes.
What are the reporting requirements for a CIC?
The report must include details of the remuneration of the directors, the dividends paid on shares and the interest paid on capped loans. It will also need to explain what the CIC has done to benefit the community and how it has involved its members in its activities.
What are abridged accounts?
What are abridged accounts? Abridged accounts are more detailed than abbreviated accounts were, but are still less detailed than full year-end accounts (which include a full balance sheet, profit and loss account, notes about the account and a director's report).
What are the benefits of CIC?
Compared to a standard company, a CIC specifically provides several advantages: 1 A clear commitment to social goals. ... 2 Access to certain forms of finance. ... 3 Limited liability and protection. ... 4 Familiarity. ... 5 Flexibility of limited company structure. ... 6 Continuity of purpose. ... 7 Quicker to set up.
What is a CIC UK?
Community interest companies ( CICs ) A CIC is a special type of limited company which exists to benefit the community rather than private shareholders. To set up a CIC , you'll need: a 'community interest statement', explaining what your business plans to do.
uk community interest company
cic36 formcic34 feefile cic accounts onlinecic accounts examplecic public registercic regulatorfiling cic accounts by postcic rules
CICs who currently file \u201cabridged\u201d accounts or \u201cmicro-entity\u201d accounts are eligible to use the filing service but would need to file using the small-\u201cfull\u201d format; as \u201cmicro-entity\u201d and \u201cabridged\u201d accounts formats are not yet available to file online.
What is a community interest company UK?
Community interest companies ( CICs ) A CIC is a special type of limited company which exists to benefit the community rather than private shareholders.
What is a CIC34 form?
A CIC34 report is a form used for annual reporting. Each year, you'd submit the report to the Regulator of Community Interest Companies. You'd submit your information to the Regulator by way of the Registrar of Companies in your area.
How is a CIC regulated?
The Office of the Regulator of Community Interest Companies decides whether an organisation is eligible to become, or continue to be, a community interest company (CIC). It is responsible for investigating complaints - taking action if necessary - and it provides guidance and assistance to help people set up CICs.
What is form CIC34?
A CIC34 report is a form used for annual reporting. Each year, you'd submit the report to the Regulator of Community Interest Companies. You'd submit your information to the Regulator by way of the Registrar of Companies in your area.
cic 34 form
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