Home › The Just Act Forum › Ask a question… › Community Right to Bid – Should we set up a charity or a CIC? › Reply To: Community Right to Bid – Should we set up a charity or a CIC?
There’s a lot of good advice in this thread already in terms of the pros and cons of various legal models for not for profit community groups, so I won’t duplicate what’s already been said, other than to say that the shortest route isn’t necessarily the best one. But whatever road you go down, read up beforehand and get some advice from someone qualified in the field, including the implications of buying/selling for tax purposes.
It seems to me that you are in a slightly unusual position in that you sound very confident of raising the purchase price, and that you intend to ‘hand over’ the land very shortly afterwards to a ‘local council’. I presume you are referring to a town or parish council? If so, then consider their role in a bit more detail. Under the Localism Act they are an eligible body to trigger the full moratorium by making a bid to purchase themselves. So, if speed and simplicity are your prime objectives, you don’t need to set up anything new. But do think ahead in relation to whether this offers all the other safeguards you are looking for long term.
Happy to continue the conversation anytime at: http://www.mycommunity.org.uk