Does anyone know a friendly accountant? A CIC pays tax on profits just as any company does. You may have to pay corporation tax on membership fees, donations, etc. 'income' that isn't spent, aka 'trading profit'. http://www.hmrc.gov.uk/manuals/ctmanual/ctm40145.htm
On Tue, 26 Jan 2016 at 23:14 Rob Nickerson <rob.j.nicker...@gmail.com> wrote: > Brian wrote: > >On legal structures, please read Rob's excellent summary before the > >concall. I've read it and my conclusion so far, and I'm still not clear on > >some things, is that we shouldn't go for unincorporated society (unlimited > >liablity for officers) or charity (we don't have a charitable purpose and > >the legal strictures are a bit more complex than we'd want). From the rest > >I think company limited by guarantee (that's what OSMF chose) suits us > >best. Not sure yet whether CIO or CIC, given that we'd be non-profit, are > >worth considering. > > Thanks Brian. I found time to look again at CIC's today and have updated > the document and wiki [1]. They are limited companies with extra features. > The extra features mean more paperwork (although apparently not too much > more) but send a clear message that we are for community benefit not > personal gain. > > A CIO is essentially a "Charity-light" in that it only needs to register > with the Charity Commission and not Companies House as well (as a > Charitable Company does). I'm not sure how much annual overhead and > legalise this removes. We still would need to meet the Public Benefit Test > (and presumably obey Charity Law). > > Will discuss on the concall. > > *Rob* > [1] https://wiki.openstreetmap.org/wiki/UK_Group#Structures > _______________________________________________ > Talk-GB mailing list > Talk-GB@openstreetmap.org > https://lists.openstreetmap.org/listinfo/talk-gb >
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