- Published on
Legal Terms - community interest company
a limited company that was established in accordance with the Companies (Audit, Investigations and Community Enterprise) Act of 2004's sections 26–63. The Regulator of Community Interest Companies must approve the company before it can be registered. They must also be satisfied that the company passes the "community interest test," which asks if a reasonable person would believe that the company's operations are being carried out for the benefit of the community. A political purpose-formed corporation is not eligible to register as a community interest company. The amount of dividends that such a corporation may distribute to its members is restricted.
a limited company that was established in accordance with the Companies (Audit, Investigations and Community Enterprise) Act of 2004's sections 26–63. The Regulator of Community Interest Companies must approve the company before it can be registered. They must also be satisfied that the company passes the "community interest test," which asks if a reasonable person would believe that the company's operations are being carried out for the benefit of the community. A political purpose-formed corporation is not eligible to register as a community interest company. The amount of dividends that such a corporation may distribute to its members is restricted.
0 Comments