Scottish Charitable Incorporated Organisation
The newest form of Scottish charitable company is days away.
According to the OSCR website
The Scottish Charitable Incorporated Organisation (SCIO) is a new legal form, unique to charities.The SCIO will be a corporate body able to enter into contracts, employ staff, incur debts, own property, to sue and to be sued. As such, it will provide a high degree of protection against personal liability for its charity trustees. It will also provide some reassurance for those entering into contracts with it, and for creditors. Unlike charities that are companies limited by guarantee, SCIOs will have OSCR as a single regulator. The SCIO will provide another option for bodies wishing to register as charities, and for existing Scottish charities wishing to adopt a different constitutional form.
The time is right for a new less administratively burdensome company for charities.
Great news.
According to the OSCR website
The Scottish Charitable Incorporated Organisation (SCIO) is a new legal form, unique to charities.The SCIO will be a corporate body able to enter into contracts, employ staff, incur debts, own property, to sue and to be sued. As such, it will provide a high degree of protection against personal liability for its charity trustees. It will also provide some reassurance for those entering into contracts with it, and for creditors. Unlike charities that are companies limited by guarantee, SCIOs will have OSCR as a single regulator. The SCIO will provide another option for bodies wishing to register as charities, and for existing Scottish charities wishing to adopt a different constitutional form.
The time is right for a new less administratively burdensome company for charities.
Great news.
