The Holywell Inn Action Group is now in a position to bid for the former Holywell Inn for which it has plans to turn it into a community hub.
The Industrial and Provident Society - The Holywell Community Pub Ltd - has been set up with the Financial Conduct Authority.
A business plan will now be drawn up.
Earlier this month notice was served on Calderdale Council that the group intends to bid for the former pub.
Fundraising is continuing and after a very successful bake-off competition the horticultural equivalent - the Holywell Green Garden Show - will be held in the village on September 21.
Other events planned include an antiques event, Christmas fair, brewery trips, and bike rides.
The biggest event will be at the Victoria Theatre, Halifax, on October 26, with the support of multi-platinum selling singer songwriter Al Stewart.
He has has agreed to perform for the cause and all the profits will go to the campaign.