members. amount company (which could being a separate structure; Considerable unpaid on limited by be amended charity. but similar can be flexibility over shares or guarantee). by legislation. adapted to internal rules. by members). suit most guarantee. purposes. Limited As for Yes; Yes, but must Yes, through No, but Scotland: Community interest company (CIC) company limited members’ benefit wider standard can no. structure companies, but liability community as provisions become a Northern for social subject to limited to well. Can pay all CICs charity if it Ireland: enterprise additional amount limited must include ceases to legislation with secure regulation to unpaid on dividends to in their be a CIC. not yet in lock” ensure shares or private constitutions. “asset and focus community by investors. on benefits. guarantee. community benefit. For bona Committee / Yes; Yes, but Would need No Scotland: Industrial & Provident Society (IPS) – fide officers members should do so bespoke would no. (Co-operative) manage on liability mostly by drafting in have to be Northern that serve behalf of limited to members articles constituted Ireland: members’ members. amount trading with (which could as separate interests by One member, unpaid on society, using be amended community (but trading with one vote shares. its facilities by benefit similar) them or (regardless of etc. not as a members). type of legislation. otherwise e.g. sizes of result of e.g. IPS. supplying respective shareholdings. them with shareholdings). goods or services. Industrial & Provident Society (IPS) Benefit Like Co-op Yes; Must primarily Yes (asset Yes if it Scotland: community type, but new members benefit lock only meets the no. (Community Benefit Society (BenComm) other than legislation liability survives criteria for Northern just own provides option limited to asset lock dissolution if being a Ireland: members of more secure amount applies. new charity. legislation and have form of unpaid on statutory not yet in special lock. shares. form of asset place. reason not
structure; can be adapted to suit most purposes. members. Considerable flexibility over internal rules. amount unpaid on shares or by guarantee. company limited by guarantee). (which could be amended by members). being a charity. separate but similar legislation. Community interest company (CIC) Limited company structure for social enterprise with secure “asset lock” and focus on community benefit. As for limited companies, but subject to additional regulation to ensure community benefits. Yes; members’ liability limited to amount unpaid on shares or by guarantee. Yes, but must benefit wider community as well. Can pay limited dividends to private investors. Yes, through standard provisions all CICs must include in their constitutions. No, but can become a charity if it ceases to be a CIC. Scotland: no. Northern Ireland: legislation not yet in Industrial & Provident Society (IPS) (Co-operative) For bona fide that serve members’ interests by trading with them or otherwise supplying them with goods or services. Committee / officers manage on behalf of members. One member, one vote (regardless of e.g. sizes of respective shareholdings). Yes; members liability limited to amount unpaid on shares. Yes, but should do so mostly by members trading with society, using its facilities etc. not as a result of e.g. shareholdings. Would need bespoke drafting in articles (which could be amended by members). No – would have to be constituted as community benefit type of IPS. Scotland: no. Northern Ireland: separate (but similar) legislation. Industrial & Provident Society (IPS) (Community Benefit Society (BenComm) Benefit community other than just own members and have special reason not Like Co-op type, but new legislation provides option of more secure form of lock. Yes; members liability limited to amount unpaid on shares. Must primarily benefit asset lock applies. Yes (asset lock only survives dissolution if new statutory form of asset Yes if it meets the criteria for being a charity. Scotland: no. Northern Ireland: legislation not yet in place.
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