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Focus on Faringdon is a social enterprise with the aim of initiating and implementing a number of exciting and innovative projects to support the development of the socio-economy of the town and its surrounding areas. What is a Community Interest Company? Community Interest Companies (CICs) are limited companies with the following special features: - they must trade in the interest of the community they were set up to benefit; - they have a statutory asset lock - this means that profit distribution is restricted and on winding up assets cannot be divided among the members; - they are regulated by a Regulator who oversees the activities of CICs. CIC's are a new legal form for social enterprises i.e. enterprises wishing to trade and use the profits/assets for the benefit of the community. they can have shares or guarantors. A share structure allows for investment by those wishing to use their money to fund services of benefit to the community. |
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