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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11148
Experience:  30 years as a practising solicitor.
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NOW: There is a ltd company. registrd in England doing

Customer Question

NOW: There is a ltd company. registrd in England doing business in Scotland (Hostel). I own the business.
PROPOSED: A CIC registered in Scotland. Hostel managed by managers. I do not want any PERSON to OWN the business.
QUESTION: Do we need to set up a Trust to own the business and supervise it?
Submitted: 10 months ago.
Category: Scots Law
Expert:  JGM replied 10 months ago.

No you don't. A CIC can't be set up as a company limited by guarantee or indeed by shares. You easiest option where you don't want any person owning the business is to set up the CIC as a company limited by guarantee. I hope that helps. Please leave a positive rating so that I am credited for my time.

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Customer: replied 10 months ago.
Re your reply to my first question: You said:
"A CIC can't be set up as a company limited by guarantee... " "Your easiest option..... is to set up the CIC as a company limited by guarantee".
This confused me.
Expert:  JGM replied 10 months ago.

Sorry that's my bad typing. Should read a CIC CAN be set up as a company limited by guarantee.