Overview
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Industrial and Provident Societies tend to be used as a corporate form for bodies which are set up to benefit the local communities in which they are based. Examples include working men's and other local clubs, allotment societies, Women's Institute markets, housing associations, football supporters' groups, social groups and local interest, literary or historical societies. For many of these purposes, and for many individual organisations, the IPS model represents a straightforward and effective means of running such an enterprise.
An increasing number of IPSs, though, are looking to convert to other forms. Usually, IPSs tend to convert to community interest companies, as these are also set up in order to provide benefit to a community or a section thereof. It is also possible for IPSs to convert to 'normal' companies, and as such there exists a wide variety of potential forms to which an IPS can convert.
Any conversion requires the approval of the FSA as well as consent from any other relevant bodies (this of course depends on the nature of the specific conversion). We are happy to advise on any such matter - for more information or a quote, please contact us.
The Financial Services Authority's pages on Mutual Societies
HMRC
Converting to a CIC
Community Interest Companies
Other conversions
