What is a CIC?

SPECIAL NEEDS COMMUNITY C.I.C is a community interest company, Reg No. 11123977)

What is a Community Interest Company (CIC)?

A CIC is a specific type of limited company that trades commercially as a social enterprise and has clear social objectives, whose surpluses are principally reinvested for that purpose in the business or in the community, rather than being driven by the need to maximise profit for shareholders and owners. By using business solutions to achieve public good, it is believed that CICs have a distinct and valuable role to play in helping create a strong, sustainable, and socially inclusive economy.

CICs have statutory clauses that cannot be removed.

An asset lock is a legal clause that prevents the assets of a company from being used for private gain rather than the stated purposes of the organisation. The asset lock clause ensures the assets are used for the benefit of the community and there are other clauses to ensure members retain control.

Other statutory clauses set it apart from other companies and prevent de-mutualisation and windfall profits from being paid to directors and members without the balances and checks of mutuality and charitable status.

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