community interest company

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A limited company registered under the Companies (Audit, Investigations and Community Enterprise) Act 2004. Registration requires the approval of the Regulator of Community Interest Companies who must be satisfied that the company satisfies the ‘community interest test’, namely, that a reasonable person would consider that the company’s activities are being carried on for the benefit of the community. A company formed for a political purpose cannot be registered as a community interest company. There are limitations as to the amount of dividends such a company can pay to its members.

Subjects: Accounting — Law.

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