If this process isn’t taken seriously, someone can end up with a very bad deal and that won’t help anyone over a long-term period of time. Industrial & provident society; Community interest company- CIC (shares or guarantee) The following tables examine these legal structures in more detail, along with a summary of the key advantages and disadvantages associated with the respective structures: Considerations for choosing the … Advantages and disadvantages of patents, copyrights and trademarks The trademark is a brand or part of a brand that enjoys legal protection. 11144R VAT No. 1212930 14 A sole trader runs the risk of bankruptcy. A community interest company (or CIC) is a special form of non-charitable limited company, which exists primarily to benefit a community or with a view to pursuing a social purpose, rather than to make a profit for shareholders.. Industrial And Provident Society Acts as either a ’Bona Fide Co-operative’ or a ’Society For The Benefit Of The Community’ - a minimum of 7 people are required. Advantages and disadvantages. If the aim of your project is charitable and its members wish to share in the benefits then you should register as a ’Society… Registration of a business name for a sole proprietor is generally uncomplicated unless it involves the selection of a name that is fictitious, or “assumed”. A case–control study of the health and well-being benefits of allotment gardening National Society of Allotment & Leisure Gardeners Ltd Registered in 1930 under the Industrial & Provident Societies Acts no. Industrial and Provident Societies (most commonly referred to as ‘IPS ben comms’) Since 2006, IPS ben comms have been able to include a statutory asset lock in the governing document following the introduction of the The Community Benefit Societies (Restriction on Use of Assets) Regulations 2006. You need to get your brand registered to differentiate your goods from the rival products. If unable to pay debts, a sole trader can lose personal Property. It may be difficult to expand business/get credit. The advantages and disadvantages of collective bargaining show that it can be a beneficial practice, but it must be one that all sides are ready to take on. Disadvantages Disadvantages Sole proprietors have unlimited liability and are legally responsible for all debts against the business. Their business and personal assets are at risk.