Benefiting The Community
A Community Interest Company is required by law to act in a way which benefits the community and not in a way which would solely benefit a single individual.
This is ensured by the use of specific company articles drafted during registration preventing any of the company assets or profits being used in a way which is not in accordance with this purpose.
Registering a Community Interest Company
Registering a Community Interest Company, you can use a company limited by guarantee, a private company limited by shares or a public limited company but there are legal necessities including:
Drafting of Asset Lock
Drafting of a Community Interest Statement
Satisfaction of the Community Interest Test