Template Social Firm share community interest company (CIC)

Social Firms UK
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Social Firms UK

Social Firms UK has launched the second in its series of template memorandum and articles for use by Social Firms and other types of social enterprise: the Share Community Interest Company (CIC) structure. There are comprehensive guidance notes accompanying the template which help the reader understand the potential of this legal structure and how best to use it as a way of leveraging more private investment into the social enterprise sector. The first in the series was produced a few years ago for the then most popular legal form chosen by Social Firms: the not-for-profit guarantee company. Social Firms UK decided to produce the share CIC guidance and template on seeing that an increasing number of its members were interested in this relatively new legal structure and recognising the potential of the Share CIC, for example, in creative fundraising, not being fully realised. Geof Cox, author of the new resource, comments: “For years social enterprises have been financially disadvantaged by the use of legal/financial structures like guarantee companies that cannot raise equity investment. This was necessary in order to be able to access grant funding, but the new Share CIC structure makes it possible to have the best of both worlds: access to grants and to equity. This in turn makes them more attractive to lenders too.” Sally Reynolds, Chief Executive of Social Firms UK, adds: “More and more of our members, and other types of social enterprise, are opting for the Community Interest Company legal form because it offers certain advantages for social enterprise. However, whilst we as a support agency recognise the significant potential that a Share CIC structure can offer to lever in new and different stakeholders, as well as varied types of finance and investment, we are not seeing the potential being maximised as much as we would have liked. This resources offers guidance and advice about the development as well as a template mem & arts to get the company started, and we hope the sector will use it to make the most of the opportunities that the Share CIC offers to grow and strengthen their businesses.” The document is available as a PDF and Word document for the template part. It has been checked and approved by the CIC Regulator and is being sold by Social Firms UK at £20 to non-members and £10 to members of Social Firms UK. It can be ordered by emailing or by calling 01737 231360.