A Community Interest Company (CIC) is a special form of company created to benefit the community. It covers commercial activity carried out with a social purpose, subject to an asset lock and a community interest test. A solicitor will help set up the CIC, advise on its community purpose, draft the articles to include the asset lock and director duties, and handle registration with Companies House and oversight by the CIC Regulator. They may also assist with ongoing reporting and governance to protect the community focus of the entity.
What a solicitor handles in these matters
The solicitor will advise on the requirements of the asset lock, ensure the company’s articles reflect a genuine community purpose, and guide the initial and ongoing governance, including director duties and reporting. They also prepare and file the necessary documentation with Companies House and interact with the Regulator of Community Interest Companies to maintain compliance and integrity of the CIC.
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