Ocean King
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Ltd company assets and CICs
David Bedford Director at Accessible Adventure - not a charity Posted 9 months ago
Hi,
We are a very small limited company in Cornwall who offer water based activities. We have an AALA Licence to be able to offer to small youth groups and schools etc;
We specialise in working with young people with additional needs and disabilities, but we are not exclusively working with them and would like to continue to offer services to tourists as well.
A large number of organisations such as school groups or other charities appear to need us to have CIC status in order for them to draw down the funding to pay for what we offer.
I understand that I can run both a Ltd company and a CIC.
Looking at the paperwork, any assets owned by the CIC are not permitted to be used for anything else, especially if that makes a profit, and require an asset lock. However, if the LTD company owns the assets, can they be used by the CIC so that we don't need 2 lots of equipment but can still operate in both markets?
Thanks in advance for any help!!
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