Social Enterprise and Community Interest Companies are a great way to do good and make money.
They go together like a well fitted glove. Social Enterprise means business that wishes to do social good, be entrepreneurial, and make money. A Community Interest Company, or CICs for short is a great vehicle to run your social enterprise through.
This week’s podcast looks at Social enterprise and Community Interest Companies, the what, why and when of CICs
Social Enterprise and the details of CICs
Firstly, Social enterprise is about making a profit and doing good at the same time. It can be anything from running an ethical coffee shop, to providing clean water in developing countries. Secondly, CICs are companies with features different to traditional companies. These features include the asset lock, community interest test, and halfway house between a charity and private company.
Moreover, you can choose your own path with social enterprise. You can start your own business, or work for someone else who shares your values. With CICs there's no need for compromise on either side of the equation – you get both financial security and social impact that will last long after you've left work behind!
CICs and Charities
If you're looking for a way to help your community, but don't know where to start, this podcast is for you.
A CIC (Community Interest Company) is a different form of company set up by anyone with the intention of benefiting their local community. They are not charities and they do not have charitable status. This means that they will need to pay tax on any profits made from trading activities.
However, if forming a charity is in your cross hairs then a CIC can be the first step on that path – Charities can be converted from CICs, and have CICs running in tandem with them.
There are many benefits to setting up a CIC. Theses include being able to offer shares and attract investment from individuals who want to support your work. You can take advantage of government grants and funding schemes. Above all you have more control over how you operate without the restrictions of charity over how you run your organisation, and make and use money..
What new types of business are you looking for?
We're here to help you explore how these new types of business might work for your organisation or project. You may find it helpful if you're looking for ways to turn your idea into reality, Contact me If you're already running an enterprise but would like some help on how best to do this. I'll be happy to see what we can do together!
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