What is the primary purpose of a Community Interest Company (CIC)?

Community Interest Companies Overview

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Business, Social Studies
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10th - 12th Grade
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Hard

Aiden Montgomery
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To deliver community benefits
To function as a government entity
To maximize profits for shareholders
To operate as a sole proprietorship
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a unique feature of a CIC?
Asset lock
Unlimited liability
No legal structure
Mandatory charitable status
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a CIC differ from a charity in terms of creation?
CICs require government approval
Charities have no legal requirements
CICs are quicker to establish
CICs take longer to create
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key advantage of a CIC over a charity regarding management?
CICs do not allow for strategic involvement
CICs allow founders to be involved in day-to-day operations
Charities offer more financial rewards
Charities have fewer compliance requirements
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must be included in the initial documentation when setting up a CIC?
A list of shareholders
A government approval letter
A detailed business plan
The community and purpose it serves
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the CIC34 report?
A financial audit report
A review of the CIC's annual activities
A tax compliance document
A shareholder meeting summary
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What flexibility does a CIC offer in terms of funding?
It cannot accept any external funding
It requires funding from charities
It allows for private commercial funding
It only accepts government grants
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