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Setting up a company

Page history last edited by PBworks 14 years, 1 month ago

Incorporation

 

I think an important principle for us is that we try to make do with as little organisation as possible. However we need to create a legal entity separate from any individual in order to be able to accept money, spend money and enter into other contracts. At the moment, for example, sponsors have to pay Alastair at the C&H directly because we have no other account for it to go through.

 

It has been suggested that we use the Company Limited by Guarantee format.

 

SM: Would a Co-operative Society be appropriate? Their defined as: 'co-ops are in business to provide what their members want, and they are controlled democratically by their members'. There's a PDF here that outlines the process.

 

JC: we might try to go for non-profit status? i don't know that the tuttle club (as exists) is entirely about trying to make money, rather be a facilitator. this gives more generous tax breaks etc. Therefore may be more interesting. For occasions when a for-profit setup is required, either a member can do the project thru their company, or a spin-off for-profit could get setup. Expect to account for at least £500-1000 a year in overheads for all this - filing returns, accounts, agm, etc.

 

DJ: Companies limited by guarantee are by definition non-profit: all 'surplus' has to be re-invested towards the aims of the company. This has some advantages, though, having been on the board of several companies limited by guarantee, I am not aware of any tax breaks. The downside of this status is that the only people likely to invest substantially are government/public sector (to achieve policy aims) or charities (to achieve charitable aims). Of course, money can still be raised from subscriptions, individuals etc, but this won't be significant investments (unless some rich individuals act like charities).

 

Question: will the Cafe/Club ever have to raise money to buy/lease premises? If so, what grants and charitable funds allow this usage of their donations? Need to be sure that there is room for manoeuvre here or we could lock ourselves out of a key opportunity.

 

Who should be our trustees?

How many trustees should we have?

Do we need an executive committee?

What should be in our Articles of Association?

Who can help us make sure it's all kosher and do the fiddly legal stuff (good lawyers who would do it pro bono?)

 

JC: http://www.uk-plc.net/ do the job of actually registering companies; as to whether the articles of assoc. are valid is a different question.

 

Lloyd collected donations on 7th March and thereafter by paypal, to cover the costs of incorporation. There's currently about £200 in the kitty, which from initial enquiries should be enough especially if we can get free legal advice.

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