Community Interest Company - Just like a Cooperative but totally different.

So. Apparently the government has finally found a slot for our us. It looks like our social enterprise, which kicks off next month as The Sorting Room, will not be an official Cooperative after all. There is a new type of forth sector company, introduced in 2005, called a "Community Interest Company" (CIC) that seems to fit us. I actually haven't heard the name before until today.

Definition:
"A CIC is a new type of company, designed for social enterprises that want to use their profits and assets for the public good. CICs will be easy to set up, with all the flexibility and certainty of the company form, but with some special features to ensure they are working for the benefit of the community." CIC

Clive Sheppard is the consultant who has come up to Orkney to check us out. Really nice guy. Does a lot with eco-villages, youth work, social enterprise, and he once had Kaiser Chiefs play at his recording studio/music venue. We have Euan Smith to thank for this connection: Euan the entrepreneur extraordinaire, and our ambassador for Highlands and Islands Enterprise. Euan met Clive at a social enterprise meeting in Inverness 3 weeks ago and things have really taken off since then.

Anyway, thats all I know. Not much more than you. Heaps to learn about CIC.

Related: TSK on Fourth Sector and Mission

?? - what would be equivalent in the USA?

Technorati Tags: cic, community interest company, social enterprise

Comments

[Cathryn Thomas]

Sounds cool.... luv it!! ok.. only had a sec... i'm neck high in boxes and we're loadin up Sat & Sunday (so much for rest!) then we are on the road Monday morn! YES we are exhausted.! Already!
please pray...
perhaps some angels could pack.... or LOAD!!!!
eesh
xo K8

[josh]

you should check this book out . . .

http://www.amazon.com/Creating-World-Without-Poverty-Capitalism/dp/1586484931

it talks about the idea of social business. i'm modeling red cowboy after it now. got some big ideas coming. but could be helpful giving some shape to what you're creating.

[joe]

Andrew - there is much discussion amongst radical co-operatives about CICs. The main bone of contention is that the CIC regulator can arbitrarily remove your directors and seize assets.

See more in depth discussion of the implications here.

[andrew]

great link joe - good info and more links.

it seems that cic's are more attractive to funders because the assets cannot be passed on to private ownership - but there are downsides also.

i will keep on reading. thanks.

[Nick Temple]

Hiya - you might also want to check out Entreprenurses' 2-part podcast on CICs as well. Which is pretty comprehensive and a bit more human than the paperwork.

Cheers

[Jarrod Saul McKenna]

This is fantastic mate. Very helpful.

[Dave]

Thanks for the plug Nick and let me know if there are any other subjects you want us to cover,
Dave :)