An incorporated organisation is a group that is recognised as having its own legal identity under the law
There are a number of different types of incorporated models available for you to use. Which is best for you will depend very much on what you are looking to do, who is going to be doing it, and you plan for the future. Below are a few of the most common models used today. Further models can be found under where can I get extra help.
Company Limited by Guarantee
Many charities in the past have registered their organization as a company limited by guarantee with Companies House. The organization becomes incorporated and the directors have limited liability. The organization is subject to company law and accounts have to be submitted each year. A company limited by guarantee can be registered as a charity.
Charitable Incorporated Organization (CIO)
This is a new legal structure created because many not-for-profits were registering as a company limited by guarantee and as a charity. The CIO combines them both – you have limited liability for the trustees and the charity is incorporated but you only have to report to the CC.
Community Interest Company (CIC)
This is a company like a company limited by guarantee, but the there is a social aim to the company and profits that are made have to go back into the community in some way. A CIC registers with Companies House and the Office of the Regulator of Community Interest Companies. The directors of a CIC can be paid unlike charities.
You can download the paperwork from the internet to set up as any of the models detailed above. We would however advise that you take advice as to which model is appropriate for you before submitting documentation as it can be quite time consuming to change models.
If you would like to talk to someone about any of the above, please contact your local Development Officer at One Walsall on 01922 619840 or at email@example.com for further support