Definition Of Community Interest Company

A community interest company cic is a type of company designed for social enterprises that want to use their profits and assets for the public good.

Definition of community interest company. A community interest company cic is a business with primarily 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. Business a type of non profit organization in the uk. 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. To set up a cic you ll need.

It is responsible for. Cics are easy to set up with all the flexibility and certainty of the company form but with special. A community interest company is a business with primarily social objectives whose surpluses are principally reinvested for that purpose in the business or the community rather than being driven by the need to maximize profit for shareholders and owners. A community interest company or cic is a special form of non charitable limited company which exists primarily to benefit a community or with a view to pursuing a social purpose rather than to make a profit for shareholders.

Community interest companies cics as social enterprise. Community life as interest based including sporting leisure based and business communities which come together for regular moments of engagement. The community interest company or cic is a relatively new type of company established by the companies audit investigations and community enterprise act 2004 and regulated by the community interest company regulations 2005. Community interest companies are a form of social enterprise which utilise the power of business to benefit their chosen community through the provision of services or the improvement of the local environment.

Noun plural community interest companies 1. Community interest companies cics a cic is a special type of limited company which exists to benefit the community rather than private shareholders.